West Virginia Code 11-13AA-8 – Failure to keep records of a patent for which credit allowed
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A person who does not keep the records required for identification of a patent for which a credit would be allowable under this article is subject to the following rules:
Terms Used In West Virginia Code 11-13AA-8
- Manufacturing: means any business activity classified as having a sector identifier, consisting of the first two digits of the six-digit North American Industry Classification System code number of thirty-one, thirty-two or thirty-three. See West Virginia Code 11-13AA-3
- Patent: means a United States patent issued pursuant to 35 U. See West Virginia Code 11-13AA-3
- Person: includes a natural person, corporation, limited liability company or partnership. See West Virginia Code 11-13AA-3
- 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 the tax imposed by article twenty-three or twenty-four of this chapter or to both taxes. See West Virginia Code 11-13AA-3
(1) A person is treated as having disposed of, during the taxable year, any patent for which a credit was allowed under this article which the taxpayer cannot establish is still being directly used in the person's manufacturing process or product in this state at the end of that year;
(2) If a person cannot establish when a patent was placed in service in direct use in the person's manufacturing process or product in this state, no credit is allowed under this article.