Every corporation organized under the provisions of this article shall be exempt from payment or collection of the business and occupation tax as provided for by chapter eleven, article thirteen of the Code of West Virginia, 1931, as amended, upon the business done by it. Upon certification by the corporation to the State Tax Commissioner that it is a corporation organized under and pursuant to the provisions of this article, such corporation shall not be required to file annual or other returns under the requirements of said chapter and article. Every business development corporation organized under the provisions of this article shall be taxed as a banking institution for the purposes of article three, chapter eleven of this code.
Structure West Virginia Code
Article 14. West Virginia Business Development Corporations
§31-14-1. Short Title; Definitions
§31-14-2. Incorporators; Purposes; Agreement of Incorporation
§31-14-3. Authorized Capital Stock; Description of Shares; Consideration for Sale of Shares
§31-14-4. Issuance of Charter; Exemption From License Tax
§31-14-6. Board of Directors; Officers
§31-14-7. Financial Institutions as Members of Corporation; Loans to Corporation by Members
§31-14-8. Powers of Stockholders and Members; Voting
§31-14-8a. Statewide Corporation; Economic Regions Created; Loan Committees
§31-14-10. Creation of Surplus From Annual Net Earnings
§31-14-11. Corporation Not to Receive Deposits; Designation of Depository Bank
§31-14-12. Examination by and Reports to Banking Commissioner
§31-14-14. Amendment of Charter