(a) Any unused portion of a credit allowed under this article may be taken as a credit against corporation net income taxes due for the taxable year, as provided in section eleven, article twenty-four of this chapter.

Terms Used In West Virginia Code 11-13F-5

  • Eligible taxpayer: means a utility which has provided electric or natural gas service, or both electric and natural gas service. See West Virginia Code 11-13F-2

(b) If any portion of the amount certified as its revenue deficiency by the Public Service Commission is not recovered under subsection (a), it may be carried over to the subsequent year for business and occupation tax purposes and shall be applied as a credit before any other credits for that year are applied.

(c) In no event shall an eligible taxpayer be allowed to recover more than one hundred percent of its certified revenue deficiency.