West Virginia Code 5B-2L-10 – Amount of property value adjustment tax credit allowed
(a) Amount of credit.
Terms Used In West Virginia Code 5B-2L-10
- Approved costs: means costs included, as stated herein, and not excluded pursuant to the provisions of this definition, or this article, or any other provision of this code. See West Virginia Code 5B-2L-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department of Economic Development: means the West Virginia Department of Economic Development established under the provisions of §. See West Virginia Code 5B-2L-3
- eligible taxpayer: means any approved company:
(i) That has made qualified investment in certified BUILD WV project property or any group of multiple party project participants that has made qualified investment in certified BUILD WV project property. See West Virginia Code 5B-2L-3
- project: means BUILD WV project that has received the certification of the Department of Economic Development in accordance with this article, and for which certification remains current and in effect. See West Virginia Code 5B-2L-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
- taxable year: means the tax year of the taxpayer for federal income tax purposes. See West Virginia Code 5B-2L-3
(1) The amount of total property value adjustment tax credit allowed to an eligible taxpayer is the final product of the mathematical steps specified in paragraphs (A), (B) and (C) of this subdivision.
(A) Approved costs, as certified by the Department of Economic Development multiplied by 60 percent.
(B) The product of the multiplication set forth in paragraph (A) of this subdivision, multiplied by the statewide average class III property tax rate of this state for the tax year in which construction of project property is completed, as certified by the Department of Economic Development.
(C) The product of the multiplication set forth in paragraph (B) of this subdivision, multiplied by 10.
(b) Annual credit — The property value adjustment tax credit shall be applied annually as specified in this article in the amount of one-tenth thereof per year for a period of 10 consecutive years beginning in the tax year in which construction of project property is completed, as certified by the Department of Economic Development. The property value adjustment tax credit shall not be carried back to any preceding tax year, nor carried forward to any succeeding tax year. However, the refundable property value adjustment tax credit may be applied in accordance with the provisions of this article. The property value adjustment tax credit shall not be transferable. Any amount of annual property value adjustment tax credit not used during the personal income tax or corporation net income tax taxable year, as applicable, (1) as a direct offset of income tax, plus (2) any refundable credit applied, as allowed under this article, is forfeited.