Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-5-7 - Tax Credit Review and Accountability7.1. Generally. -- Beginning February 1, 2006, and on the first day of February every third year thereafter, the Tax Commissioner shall submit to the governor, the president of the Senate, and the speaker of the House of Delegates a tax credit review and accountability report evaluating the cost effectiveness of the tax credit allowed under the Statute during the most recent three-year period for which information is available.7.2. Termination. -- The requirement to file the tax credit review and accountability report terminates on June 30, 2011, unless the credit program terminates sooner.7.3. Criteria for Evaluation. -- The criteria to be evaluated includes, but is not limited to, for each year of the three-year period:7.3.a. The number of eligible taxpayers claiming the tax credit;7.3.b. The net number, type, and duration of new jobs created in West Virginia by all qualified research and development companies in which taxpayers claiming the tax credit made investments and the wages and benefits paid by the qualified research and development companies to persons filling the new jobs;7.3.c. The cost of the tax credit;7.3.d. The cost of the tax credit per new job created; and7.3.e. Comparison of employment trends for the industry and for taxpayers within the industry that claim the tax credit.7.4. Requirement of Taxpayers Claiming the Tax Credit. -- Eligible taxpayers claiming the tax credit shall provide information required by the Tax Commissioner for the purpose of preparing the report. Information that eligible taxpayers are required to provide shall be subject to the confidentiality and disclosure provisions of W. Va. Code §§ 11-10-5d and 11-10-5s.