Establishes a tax credit for businesses aiding in disaster repair and recovery efforts in West Virginia.
The West Virginia Disaster Repair and Recovery Tax Credit Act creates a tax credit for eligible taxpayers who contribute to disaster repair and recovery efforts. The credit applies to expenditures for labor, materials, services, and equipment used in repairing public property and infrastructure following a disaster. Eligible taxpayers can claim the credit against their annual severance tax liability, up to a maximum of 20%. The credit can be carried forward for up to 10 years if unused.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.