West Virginia Code 11-13KK-6 – Forfeiture of unused tax credits; redetermination of credit allowed
(a) Disposition of property or cessation of use. — If during any taxable year, property with respect to which a tax credit has been allowed under § 11-13KK-1 et seq. of this code is disposed of or ceases to be used in a small arms and ammunition manufacturing facility of the taxpayer in this state, then the unused portion of the credit allowed for the property is forfeited for the taxable year and all ensuing years, except when the property is damaged or destroyed by fire, flood, storm, or other casualty, or is stolen.
Terms Used In West Virginia Code 11-13KK-6
- Small arms and ammunition manufacturing: refers to a facility which is or may be classified under the North American Industry Classification System with a six-digit North American Industry Classification System code for a product produced at a facility with code numbers 332992 or 332994 as they are defined on January 1, 2021. See West Virginia Code 11-13KK-2
- Small arms and ammunition manufacturing facility: means any factory, mill, plant, warehouse, building, or complex of buildings located within this state, including the land on which it is located, and all machinery, equipment, and other real and personal property located at or within the facility, used in connection with the operation of the facility, and all site preparation and start-up costs of the taxpayer for the small arms and ammunition manufacturing facility, which is or may be classified under the North American Industry Classification System with a six-digit North American Industry Classification System code for a product produced at a facility with code numbers 332992 or 332994 as they are defined on January 1, 2021, and which it capitalizes for federal income tax purposes in a business that is taxable in this state. See West Virginia Code 11-13KK-2
- 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
- Taxpayer: means any person subject to any of the taxes imposed by §. See West Virginia Code 11-13KK-2
- This code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-13KK-2
- This state: means the State of West Virginia. See West Virginia Code 11-13KK-2
(b) Cessation of operation of small arms and ammunition manufacturing facility. — If during any taxable year the taxpayer ceases operation of a small arms and ammunition manufacturing facility in this state for which credit was allowed under this article, then the unused portion of the allowed credit is forfeited for the taxable year and for all ensuing years, except when the cessation is due to fire, flood, storm, or other casualty.