(a) The amount of tax credits allowed under this article may not exceed $3,000,000
in any state fiscal year.
(b) Applications for project certification shall be filed with the West Virginia Development
Office. The West Virginia Development Office shall record the date each application is filed. All complete and valid applications shall be considered for approval or disapproval
in a timely manner by the neighborhood assistance advisory board. The board may, in its discretion, consider applications for approval or disapproval
at special or interim meetings for expedited processing.
(c) When the total amount of tax credits certified under this article equals the maximum
amount of tax credits allowed, as specified in subsection (a) of this section, in
any state fiscal year, no further certifications shall be issued in that same fiscal
year. Upon approval of a project by the board, the Director of the West Virginia Development
Office shall certify the approved project unless certification is prohibited by the
limitations and requirements set forth in this article.
(d) All applications filed in any state fiscal year and not certified during the state
fiscal year in which they are filed shall be null and void by operation of law on
the last day of the state fiscal year in which they are filed, and all applicants
which elect to seek certification of a project plan shall file anew on and after the
first day of the succeeding state fiscal year.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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