West Virginia Code 11-13EE-8 – Identification of capital investment property
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Every taxpayer who claims credit under this article shall maintain sufficient records to establish the following facts for each item of qualified investment property:
Terms Used In West Virginia Code 11-13EE-8
- Property: means tangible personal property and is limited to new machinery and equipment that is depreciable or amortizable for federal income tax purposes and that has a useful life of five or more years for federal income tax purposes. See West Virginia Code 11-13EE-2
- Qualified investment: means capital investment in new machinery and equipment directly used in the production of coal in this state that is depreciable, or amortizable, for federal income tax purposes and has a useful life for federal income tax purposes of five or more years when it is placed in service or use in this state. See West Virginia Code 11-13EE-2
- Taxpayer: means any person exercising the privilege of severing, extracting, reducing to possession and producing coal for sale, profit or commercial use coal, which privilege is taxable under §. See West Virginia Code 11-13EE-2
(1) Its identity;
(2) Its actual or reasonably determined cost;
(3) Its useful life for federal income tax purposes;
(4) The month and taxable year in which it was placed in service;
(5) The amount of credit taken; and
(6) The date it was disposed of or otherwise ceased to be qualified investment property.