West Virginia Code 11-13GG-10 – Transfer of qualified investment to successors
(a) Mere change in form of business. — Property may not be treated as disposed of under § 11-13GG-8 of this code, by reason of a mere change in the form of conducting the business as long as the property is retained in the successor’s downstream natural gas manufacturing facility in this state, and the transferor business retains a controlling interest in the successor business. In this event, the successor business is allowed to claim the amount of credit still available with respect to the business facility or facilities transferred, and the transferor business may not be required to redetermine the amount of credit allowed in earlier years.
Terms Used In West Virginia Code 11-13GG-10
- Business: means a downstream natural gas manufacturing business activity which is engaged in by any person in this state which is taxable under §. See West Virginia Code 11-13GG-3
- Downstream natural gas manufacturing: refers to oil and gas manufacturing operations after the production and processing phases and includes, but is not limited to, facilities that use oil, natural gas, natural gas liquids, or the products produced by ethane crackers as raw materials to manufacture industrial and commercial products. See West Virginia Code 11-13GG-3
- Natural gas: means a gaseous fossil energy source that formed deep beneath the earth's surface that is a combustible mixture of methane and other hydrocarbons. See West Virginia Code 11-13GG-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- This code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-13GG-3
- This state: means the State of West Virginia. See West Virginia Code 11-13GG-3
(b) Transfer or sale to successor. — Property is not treated as disposed of under § 11-13GG-10 of this code by reason of any transfer or sale to a successor business which continues to operate the downstream natural gas manufacturing facility in this state. Upon transfer or sale, the successor shall acquire the amount of credit that remains available under this article for each subsequent taxable year and the transferor business is not required to redetermine the amount of credit allowed in earlier years.