SB151 H FIN AMAMTChakmakian #1Chakmakian 3260 The Committee on Finance moved to amend the bill onby pagestriking 4,out sectionthe 3a,title lineand 44,substituting bytherefor strikinga “W.Va.new title, to read as follows:Com.

Code”;Sub.

andfor OnS. page 4, section 3a, line 52, by striking “W.Va.

Code”;B.

andOn151 page- 4, “A sectionBill 3a,to lineamend 60, by striking subsection (p) in its entirety and insertingreenact in§11-21-3 lieuof thereof the following; “(p)Code Theof TaxWest CommissionerVirginia, shall1931, proposeas rulesamended; for legislative approval in accordance with the provisions of §29A-3-1 et seq.

of this code to administeramend thesaid taxcode leviedby pursuantadding tothereto thea provisionsnew ofsection, thisdesignated section.§11-21-3a;

 Theseand rules must include a description of how the adjustments to incomeamend and thereenact credit§11-21-20 authorizedof bysaid thiscode, sectionall applyrelating to directWest orVirginia indirectincome ownerstax ofpaid anby electing pass-through entityentities; based upon various ownership structures.” On page 6, section 20, line 29, by striking “article” and inserting “code”;

andauthorizing Oncertain pageentities 6,to sectionelect 20,to linepay 34,West byVirginia strikingincome “article”tax; and inserting “code”.

  AdoptedRejecteddefining terms;

imposing a tax on pass-through entities which elect to pay West Virginia income tax at the entity level;

authorizing an income tax credit for an owner for such tax paid;

providing rulemaking authority;

providing for a tax credit for income tax paid to another state;

and providing effective dates.   AdoptedRejected