West Virginia SB243: Establishing disaster repair and recovery effort tax credit for taxpayers subject to severance and business privilege tax in certain circumstances

What the bill says

An act to amend the Code of West Virginia, 1931, as amended, by adding a new article, designated §11-13NN-1, §11-13NN-2, §11-13NN-3, §11-13NN-4, §11-13NN-5, §11-13NN-6, §11-13NN-7, §11-13NN-8, and §11-13NN-9, relating to establishing disaster repair and recovery effort tax credit for taxpayers subject to the severance and business privilege tax in certain circumstances; providing a short title; setting out legislative findings and purpose; defining terms; specifying the amount of the credit; providing for the application of credit and carry forward of unused credit; requiring filing of applica.

From the enrolled text, March 14, 2026:

AN ACT to amend the Code of West Virginia, 1931, as amended, by adding a new article, designated §11-13NN-1, §11-13NN-2, §11-13NN-3, §11-13NN-4, §11-13NN-5, §11-13NN-6, §11-13NN-7, §11-13NN-8, and §11-13NN-9, relating to establishing disaster repair and recovery effort tax credit for taxpayers subject to the severance and business privilege tax in certain circumstances; providing a short title; setting out legislative findings and purpose; defining terms; specifying the amount of the credit; providing for the application of credit and carry forward of unused credit; requiring filing of application for disaster repair and recovery effort tax credit as condition precedent to claiming credit; specifying procedure of application for certification, contents of application, and limitation on maximum amount of credits which can be approved; allowing transfer of credits to successors; providing for forfeiture of unused tax credits; providing legislative and emergency rulemaking; and establishing an effective date. ARTICLE 13NN. TAX CREDIT FOR DISASTER REPAIR AND RECOVERY EFFORT EXPENDITURES. §11-13NN-1. Short title. This article may be cited as the West Virginia Disaster Repair and Recovery Tax Credit Act. §11-13NN-2. Legislative findings and purpose. The Legislature finds that the private sector's assistance with prompt repair to public property and infrastructure following a disaster and the provision of equipment, materials, services, and labor to assist with such repair and recovery efforts by taxpayers subject to the tax imposed …