West Virginia Code 11-23-27 – Credit for franchise tax paid to another state
(a) Effective for taxable years beginning on or after January 1, 1991, and notwithstanding any provisions of this code to the contrary, any financial organization having its commercial domicile in this state shall be allowed a credit against the tax imposed by this article for any taxable year for taxes paid to another state. That credit shall be equal in amount to the lesser of:
Terms Used In West Virginia Code 11-23-27
- commercial domicile: means the principal place from which the trade or business of the taxpayer is directed or managed: Provided, That the commercial domicile of a financial organization, which is subject to regulation as such, shall be at the place designated as its principal office with its regulating authority. See West Virginia Code 11-23-3
- financial organization: means :
(A) A holding company or a subsidiary thereof. See West Virginia Code 11-23-3
- including: when used in a definition contained in this article shall not be deemed to exclude other things otherwise within the meaning of the term being defined. See West Virginia Code 11-23-3
- state: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States, and any foreign country or political subdivision thereof. See West Virginia Code 11-23-3
- taxable year: means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which tax liability is computed under this article. See West Virginia Code 11-23-3
- this code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-23-3
(1) The taxes such financial organization shall actually have paid, which payments were made on or before the filing date of the annual return required by this article, to any other state and which tax was based upon or measured by the financial organization's capital and was paid with respect to the same taxable year; or
(2) The portion of the tax actually paid that the financial organization would have paid if the rate of tax imposed by this article is applied to the tax base determined under the law of such other state.
(b) Any additional payments of such tax to other states, or to political subdivisions thereof, by a financial organization described in this section, and any refunds of such taxes, made or received by such financial organization with respect to the taxable year, but after the due date of the annual return required by this article for the taxable year, including any extensions, shall likewise be accounted for in the taxable year in which such additional payment is made or such refund is received by the financial organization.
(c) For tax years beginning on or after January 1, 2009, the provisions of this section are null and void and of no force or effect.