Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-1-1 - General1.1. Scope. -- This Legislative Rule is promulgated to provide for the general administration of the West Virginia Capital Company Act. The West Virginia Capital Company Act was created to encourage the immediate investment in West Virginia businesses by making tax credits available to the investors in Qualified West Virginia Capital Companies. The Act gives the West Virginia Economic Development Authority the authority to designate eligible Capital Companies as qualified for the tax credits and sets forth the manner by which the companies must invest their capital base in West Virginia businesses. This Rule establishes the application procedure for such designation by the Authority, the general requirements for Qualified Companies, and the process for the authorization and use of tax credits.1.2. Authority. -- W. Va. Code §§ 29A-1-2(d) and 5E-1-5.1.3. Filing Date. -- May 7, 2002.1.4. Effective Date. -- May 8, 2002.1.5. Citation. -- This Legislative Rule may be cited as 117 C.S.R., Series 1, §117-1- (____).