West Virginia Code 11-13S-8 – Identification of investment credit property
(a) Every taxpayer who claims credit under this article shall maintain sufficient records to establish the following facts for each item of property purchased for manufacturing investment:
Terms Used In West Virginia Code 11-13S-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 31, 32, or 33. See West Virginia Code 11-13S-3
- Property purchased for manufacturing investment: means real property, and improvements thereto, and tangible personal property but only if the property was constructed or purchased on or after January 1, 2003, for use as a component part of a new, expanded, or revitalized industrial facility. See West Virginia Code 11-13S-3
- Taxpayer: means any person subject to any of the taxes imposed by §. See West Virginia Code 11-13S-3
(1) Its identity;
(2) Its actual or reasonably determined cost;
(3) Its straight-line depreciation life;
(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 property purchased for manufacturing investment.
(b) Every taxpayer who claims credit under this article shall also maintain sufficient records to establish the number and types of new jobs, if any, created, the wages and benefits paid to employees filling the new jobs and the duration of each job.