Terms Used In West Virginia Code > Chapter 11 > Article 13AA - Commercial Patent Incentives Tax Act

• Agreement: means any agreement or contractual relationship entered into after the effective date of this section between a person developing patents in this state and either:

  (A) A corporation established under the laws of this state that meet the requirements of section three, article twelve, chapter . See West Virginia Code 11-13AA-3

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a partnership, limited partnership or any other form of unincorporated enterprise, owned or conducted by two or more persons. See West Virginia Code 11-22-1
• Business activity: means all activities engaged in or caused to be engaged in by a person with the object of gain or economic benefit, direct or indirect. See West Virginia Code 11-13AA-3
• Commercial use: means selling, licensing, leasing or otherwise making patents available to a third party for a price, fee, royalty, commission or other consideration called by whatever name. See West Virginia Code 11-13AA-3
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Contract: A legal written agreement that becomes binding when signed.
• Copyright: means a copyright that is registered with the United States Copyright Office or with a similar office of a foreign country when the foreign copyright is recognized under federal law. See West Virginia Code 11-13AA-3
• Corporation: means a corporation or joint-stock association, organized under the laws of this state, the United States or any other state, territory or foreign country or dependency including, but not limited to, banking institutions. See West Virginia Code 11-22-1
• 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.
• Developer: means a person engaged in this state in developing patents for direct use in a manufacturing process or product and who has an agreement, as defined in this section, with Marshall University or West Virginia University. See West Virginia Code 11-13AA-3
• development: means the act of inventing or discovering any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereto through significant investment of money, performance of research, or application of design or engineering expertise, which culminates in the issuance of a patent, as defined in this article. See West Virginia Code 11-13AA-3
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited liability company: means a limited liability company organized under the laws of this state, the United States or by any other state, territory or the District of Columbia. See West Virginia Code 11-22-1
• 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 thirty-one, thirty-two or thirty-three. See West Virginia Code 11-13AA-3
• Owner: when used in reference to a pass-through entity, means a person who owns an equity interest in the pass-through entity. See West Virginia Code 11-13AA-3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Partnership: includes a syndicate, group, pool, joint venture or other unincorporated organization through or by means of which any business, financial operation or venture is carried on, which is not a sole proprietorship, trust or estate, and which is treated as a partnership for federal income tax purposes for the taxable year. See West Virginia Code 11-13AA-3
• Pass-through entity: means a partnership, limited liability company, small business corporation (S corporation) or other entity treated as a partnership for federal income tax purposes for the taxable year. See West Virginia Code 11-13AA-3
• Patent: means a United States patent issued pursuant to 35 U. See West Virginia Code 11-13AA-3
• Person: includes a natural person, corporation, limited liability company or partnership. See West Virginia Code 11-13AA-3
• Purchase: means a transaction under which title to an item is transferred for consideration, or a license or lease contract for at least three years is executed, regardless of whether title to the item is transferred at the end of the lease or license period. See West Virginia Code 11-13AA-3
• 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
• Taxpayer: means any person subject to the tax imposed by article twenty-three or twenty-four of this chapter or to both taxes. See West Virginia Code 11-13AA-3
• Trademark: means any trademark, trade name, service mark or other identifying symbol or name that is registered with the United States Patent and Trademark Office or with a similar office of a foreign country when the foreign registration is recognized under federal law. See West Virginia Code 11-13AA-3
• Transaction: means the delivering, accepting or presenting for recording of a document. See West Virginia Code 11-22-1
• Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1