Terms Used In West Virginia Code > Chapter 11 > Article 13BB - West Virginia Innovative Mine Safety Technology Tax Credit Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Certified eligible safety property: means eligible safety property in which an eligible taxpayer has made qualified investment for which credit has been certified under this article. See West Virginia Code 11-13BB-3
• Coal mining company: means :

  (A) A person subject to tax imposed on the severance of coal by section three, article thirteen-a of this chapter. See West Virginia Code 11-13BB-3

• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• 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
• Director: means the Director of the Office of Miners&rsquo. See West Virginia Code 11-13BB-3
• Eligible safety property: means safety technology equipment that, at the time of acquisition, is on the list of approved innovative mine safety technology: Provided, That eligible safety property includes proximity detection systems and cameras used on continuous mining machines and underground haulage equipment and machine mounted methane monitors required by section forty-three, article two, chapter . See West Virginia Code 11-13BB-3
• Eligible taxpayer: means a coal mining company that purchases eligible safety property. See West Virginia Code 11-13BB-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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• List of approved innovative mine safety technology: means the list required to be compiled and maintained by the Board of Coal Mine Health and Safety and approved and published by the director under this article:  . See West Virginia Code 11-13BB-3
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: includes any corporation, limited liability company or partnership. See West Virginia Code 11-13BB-3
• Qualified investment: means the eligible taxpayer&rsquo. See West Virginia Code 11-13BB-3
• Qualified purchase: means and includes only acquisitions of eligible safety property for use in this state. See West Virginia Code 11-13BB-3
• Safety technology: means depreciable tangible personal property and equipment, other than clothing, principally designed to directly minimize workplace injuries and fatalities in coal mines. See West Virginia Code 11-13BB-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 a person subject to any of the taxes imposed by article thirteen-a, twenty-three or twenty-four of this chapter. See West Virginia Code 11-13BB-3
• 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