West Virginia Code 11-13O-5 – Application of annual credit allowance
(a) Application of credit against business franchise tax. — The amount of credit allowed under section four of this article shall first be applied against the eligible taxpayer's liability for the tax imposed by article twenty-three of this chapter that is attributable to a new value-added aluminum or polymer product manufacturing facility located in this state and to a new value-added aluminum or polymer product production line at an existing manufacturing facility located in this state.
Terms Used In West Virginia Code 11-13O-5
- Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
- Eligible taxpayer: means a person who after June 30, 1998, begins manufacturing a value-added aluminum or polymer product at a new manufacturing facility located in this state, or begins manufacturing a new value-added aluminum or polymer product line at an existing manufacturing facility located in this state, which results in the creation of new jobs filled by full-time employees. See West Virginia Code 11-13O-2
- Employer: means the person for whom an individual performs or performed any service, of whatever nature, as the employee of such person, except that if the person for whom the individual performs or performed the service does not have control of the payment of wages for such services, the term ?employer" means the person having control of the payment of such wages. See West Virginia Code 11-13O-2
- Existing manufacturing facility: means a building which at anytime during the twelve months preceding the month in which manufacture of a value-added aluminum or polymer product begins was used by the taxpayer, or by a related person, to manufacture tangible personal property. See West Virginia Code 11-13O-2
- Manufacturing facility: means any facility which is used in the manufacturing of tangible personal property (including processing resulting in a change in the condition of such property). See West Virginia Code 11-13O-2
- 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 Commissioner: means the Tax Commissioner of the State of West Virginia or the Tax Commissioner'. See West Virginia Code 11-13O-2
- taxable year: means the tax year of the taxpayer for federal income tax purposes. See West Virginia Code 11-13O-2
- Taxpayer: means any person subject to the tax imposed by articles twenty-one, twenty-three or twenty-four of this chapter. See West Virginia Code 11-13O-2
- Value-added aluminum or polymer product: means any product that adds to, increases or enhances the value of any raw, base or unimproved aluminum or polymer product through processes including, but not limited to, anodization, coating, fabrication, machining, molding, extraction, stamping and any other processing which adds value. See West Virginia Code 11-13O-2
(b) Application of remaining credit against income tax. — After application of the allowable credit against the tax imposed by article twenty-three of this chapter, as provided in subsection (a) of this section, any remaining credit may be applied against the taxes imposed by article twenty-one or twenty-four of this chapter to the extent those taxes are attributable to a new value-added aluminum or polymer product manufacturing facility located in this state and to a new value-added aluminum or polymer product production line at an existing manufacturing facility located in this state: Provided, That no credit shall be allowed against employer withholding taxes due under article twenty-one of this chapter.
(c) Excess credit forfeited. — If after application of subsections (a) and (b) of this section, any credit remains for the taxable year, the amount remaining and not used is forfeited. Unused credit may not be carried back to any prior taxable year and shall not carry forward to any subsequent taxable year.
(d) Application of this credit when other credits apply. — The credit allowed under this article shall be applied after application of all other applicable tax credits allowed for the taxable year against the taxes imposed by article twenty-one, twenty-three or twenty-four of this chapter.
(e) Completion of annual schedule to assert credit. — To assert this credit against tax, the eligible taxpayer shall prepare and file with the annual tax return filed under article twenty-one, twenty-three or twenty-four of this chapter, an annual schedule showing the amount of tax paid for the taxable year, and the amount of credit allowed under this article. This annual schedule shall set forth the information and be in the form prescribed by the Tax Commissioner.
(f) Payments of estimated tax. — A taxpayer may consider the amount of credit allowed under this article when determining the taxpayer's liability under articles twenty-one, twenty-three and twenty-four of this chapter for periodic payments of estimated tax for the taxable year, in accordance with the procedures and requirements prescribed by the Tax Commissioner. The annual total tax liability and total tax credit allowed under this article are subject to adjustment and reconciliation pursuant to the filing of the annual schedule required by subsection (e) of this section.