§5E-1-19. Effective date; transition rules


Published: 2015

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WVC 5E-1-19

§5E-1-19. Effective date; transition rules.

(a) The provisions of subsection (d), section eight of this

article relating to credit carryback that were in effect on the

first day of January, one thousand nine hundred ninety, apply to

any credit earned prior to the effective date of the amendments to

that subsection, notwithstanding the fact that the taxpayer's

taxable year does not end until a date on or after the effective

date of the amendments to that subsection. The provisions of

subsections (d) and (f), section eight of this article, as amended,

prohibiting credit carryback and application of credit against

interest, penalties and additions to tax apply to any credit earned

on or after the effective date of the amendments to that

subsection.

(b) The provisions of section twelve of this article relating

to minimum investment time limitations that were in effect on the

first day of January, one thousand nine hundred ninety, apply to

any capital base qualified prior to the effective date of the

amendments to that subsection. The provisions of subsection (a),

subsection (b), subsection (c), section twelve of this article, as

amended, apply to any capital base qualified on a date on or after

the effective date of the amendments to that section.

(c) The provisions of section twenty of this article relating

to financial institutions are applicable to investments by

financial institutions made on a date on or after the effective

date of that section. Investments made on a date prior to the effective date of that section remain unaffected by the provisions

of that section.

(d) The provisions of subsections (b) through (d), section

thirteen of this article relating to investment restrictions are

applicable to investments made on a date on or after the effective

date of those subsections. Investments made on dates prior to the

effective date of those subsections remain unaffected by the

provisions of those subsections.

(e) As used in this section "amendments" means changes made in

this article during the regular session of the Legislature in the

year one thousand nine hundred ninety-one.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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