W. Va. Code R. § 110-13X-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-13X-10 - Effective date, elimination of film tax credits, preservation of film tax credits earned prior to the sunset date

10.1 The amendments to this article enacted in the year 2022 shall apply to all taxable years beginning on or after July 1, 2022: Provided, That, unless sooner terminated by law, the film investment tax credit will terminate on the date specified in West Virginia Code § 11-13X-1, et seq. No entitlement to any tax credit authorized by this article may result from, and no credit is available to any person for, expenditures incurred subsequent to the termination date specified in West Virginia Code § 11-13X-1, et seq. Film tax credits to which a taxpayer has gained lawful entitlement on or after July 1, 2022, and on or before the termination date specified in West Virginia Code § 11-13X-1, et seq., may continue to be applied against tax liabilities, subject to the conditions, limitations, and constraints applicable to such credit under West Virginia Code § 11-13X-1, et seq., until exhausted or otherwise terminated in accordance with the terms of West Virginia Code § 11-13X-1, et seq., or any other applicable provision of the West Virginia Code. Film tax credits to which a taxpayer has gained lawful entitlement on or after July 1, 2022, and on or before the termination date specified in West Virginia Code § 11-13X-1, et seq., may be transferred in accordance with W. Va. Code § 11-13X-1, et seq., subject to the conditions, limitations, and constraints applicable to such credit under W. Va. Code § 11-13X-1, et seq., until exhausted or otherwise terminated in accordance with the terms of West Virginia Code § 11-13X-1, et seq., or any other applicable provision of the West Virginia Code.