West Virginia Code 11-13BB-7 – Forfeiture of unused tax credits
Current as of: 2023 | Check for updates
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Disposition of property or cessation of use. — If during any taxable year, property with respect to which a tax credit has been allowed under this article:
Terms Used In West Virginia Code 11-13BB-7
- Eligible taxpayer: means a coal mining company that purchases eligible safety property. 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
- Tax year: means the calendar year following the July first assessment day or, in the case of a public service business assessed pursuant to article six of this chapter, the calendar year beginning on the January first assessment day. See West Virginia Code 11-5-3
(1) Is disposed of prior to the end of the fourth tax year subsequent to the end of the tax year in which the property was placed in service or use; or
(2) Ceases to be used in a coal mine of the eligible taxpayer in this state prior to the end of the fourth tax year subsequent to the end of the tax year in which the property was placed in service or use, then the unused portion of the credit allowed for such property is forfeited for the tax year in which the disposition or cessation of use occurred and all ensuing years.