West Virginia Code 11-13BB-10 – Failure to keep records of certified eligible safety property
A taxpayer who does not keep the records required for certified eligible safety property and the credit authorized under this article, is subject to the following rules:
Terms Used In West Virginia Code 11-13BB-10
- Certified eligible safety property: means eligible safety property in which an eligible taxpayer has made qualified investment for which credit has been certified under this article. See West Virginia Code 11-13BB-3
- Eligible safety property: means safety technology equipment that, at the time of acquisition, is on the list of approved innovative mine safety technology: Provided, That eligible safety property includes proximity detection systems and cameras used on continuous mining machines and underground haulage equipment and machine mounted methane monitors required by section forty-three, article two, chapter . See West Virginia Code 11-13BB-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 a person subject to any of the taxes imposed by article thirteen-a, twenty-three or twenty-four of this chapter. See West Virginia Code 11-13BB-3
(1) A taxpayer is treated as having disposed of, during the taxable year, any certified eligible safety property which the taxpayer cannot establish was still on hand and used in a coal mine in this state at the end of that year; and
(2) If a taxpayer cannot establish when certified eligible safety property reported for purposes of claiming this credit returned during the taxable year was placed in service, the taxpayer is treated as having placed it in service in the most recent prior year in which similar property was placed in service, unless the taxpayer can establish that the property placed in service in the most recent year is still on hand and used in a coal mine in this state at the end of that year. In that event, the taxpayer will be treated as having placed the returned property in service in the next most recent year.