This bill proposes the addition of a new section to the Code of West Virginia, specifically Article 13NN, which establishes a tax credit for businesses that purchase products produced or manufactured within the state. The tax credit allows eligible businesses to claim up to 50 percent of their costs for such purchases, provided they maintain their corporate headquarters in West Virginia. The bill also sets a limit on the total amount of tax credits that can be claimed, capping it at $100,000 per business.

Furthermore, the bill outlines how the tax credit can be applied against various taxes, including business franchise taxes and corporation net income taxes, with specific provisions for limited liability companies, electing small business corporations, and partnerships. It allows for the carry forward of any unused tax credits for up to four taxable years, after which any remaining credits will be forfeited. The bill aims to incentivize local purchasing and support West Virginia's manufacturing sector.

Statutes affected:
Introduced Version: 11-13NN-1