Every taxpayer who claims credit under § 11-13KK-1 et seq. of this code shall maintain sufficient records to establish the following facts for each item of qualified property:

Terms Used In West Virginia Code 11-13KK-8

  • Federal excise tax: means all excise taxes paid to the government of the United States under section 4181 of Title 26 of the Internal Revenue Code imposed upon manufacturers, producers, or importers by the sale of pistols, revolvers, firearms (other than pistols and revolvers), shells and cartridges. 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
  • 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

(1) Its identity;

(2) Its actual or reasonably determined cost;

(3) Its straight-line depreciation life;

(4) The month and taxable year in which it was placed in service;

(5) The amount of credit taken;

(6) The date it was disposed of or otherwise ceased to be used as qualified property in the small arms and ammunition manufacturing facility of the taxpayer; and

(7) Amounts and dates of federal excise tax paid.

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