West Virginia Code 11-13Y-5 – Application of annual credit allowance
(a) Application of credit against business franchise tax. — The amount of credit allowed shall first be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by article twenty-three of this chapter.
Terms Used In West Virginia Code 11-13Y-5
- Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
- Eligible taxpayer: means any manufacturing business that is subject to the tax imposed under article twenty-three or twenty-four of this chapter, or both: Provided, That taxpayers owning property assessed by the board of Public Works are not eligible taxpayers for purposes of this article. See West Virginia Code 11-13Y-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- taxable year: means the tax year of the taxpayer for federal income tax purposes. See West Virginia Code 11-13Y-2
- Taxpayer: means any person subject to the tax imposed under article twenty-three or twenty-four of this chapter, or both. See West Virginia Code 11-13Y-2
(b) Application of credit against corporate net income tax. –Any credit remaining after application of the credit against the tax liabilities of the eligible taxpayer for the current taxable year imposed by article twenty-three of this chapter shall next be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by article twenty-four of this chapter.
(c) Carryover credit disallowed. — Any credit remaining after application of the credit against the tax liabilities specified in subsections (a) and (b) of this section for the current taxable year is forfeited and shall not carry back to any prior taxable year and shall not carry forward to any subsequent taxable year. The credit allowed under this article shall be applied after application of all other applicable tax credits allowed for the taxable year against the taxes imposed by article twenty-three of this chapter and after application of all other applicable tax credits allowed for the taxable year against the taxes imposed by article twenty-four of this chapter.
(d) Annual schedule. — For purposes of asserting the credit against tax, the taxpayer shall prepare and file an annual schedule showing the amount of tax paid for the taxable year and the amount of credit allowed under this article. The annual schedule shall set forth the information and be in the form prescribed by the Tax Commissioner.