West Virginia Code 11-13KK-7 – Transfer of qualified investment to successors
(a) Mere change in form of business. — Property may not be treated as disposed of under § 11-13KK-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 small arms and ammunition 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.
Terms Used In West Virginia Code 11-13KK-7
- Business: means small arms or ammunition manufacturing business activity, which is or may be classified under the North American Industry Classification System with a six-digit code for a product produced at a facility under code numbers 332992 or 332994 as they are defined on January 1, 2021, which is engaged in by any person in this state which is taxable under §. See West Virginia Code 11-13KK-2
- 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
- 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) Transfer or sale to successor. — Property is not treated as disposed of under § 11-13KK-10 of this code by reason of any transfer or sale to a successor business which continues to operate the small arms and ammunition 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.