Terms Used In West Virginia Code > Chapter 11 > Article 13GG - Downstream Natural Gas Manufacturing Investment Tax Credit of 2020

• Affiliated group: means any affiliated group within the meaning section 1504(a) of the Internal Revenue Code, or any similar group defined under a similar provision of state, local, or foreign law, except that section 1504 of Internal Revenue Code shall be applied by substituting "more than 50 percent" for "at least 80 percent" each place it appears in that section. See West Virginia Code 11-13GG-3
• Amortization: Paying off a loan by regular installments.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Business: means a downstream natural gas manufacturing business activity which is engaged in by any person in this state which is taxable under §. See West Virginia Code 11-13GG-3
• Business expansion: means capital investment in a new or expanded downstream natural gas manufacturing facility in this state. See West Virginia Code 11-13GG-3
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Compensation: means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services. See West Virginia Code 11-13GG-3
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Controlled group of corporations: means a controlled group of corporations as defined in section 1563(a) of the Internal Revenue Code. See West Virginia Code 11-13GG-3
• Corporation: means any corporation, joint-stock company, association, or other entity treated as a corporation for federal income tax purposes, and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by a certificate of interest or ownership or similar written instrument. See West Virginia Code 11-13GG-3
• Downstream natural gas manufacturing: refers to oil and gas manufacturing operations after the production and processing phases and includes, but is not limited to, facilities that use oil, natural gas, natural gas liquids, or the products produced by ethane crackers as raw materials to manufacture industrial and commercial products. See West Virginia Code 11-13GG-3
• Downstream natural gas manufacturing business: means a business primarily engaged in this state in downstream natural gas manufacturing. See West Virginia Code 11-13GG-3
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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.
• including: when used in a definition contained in this article, shall not be considered to exclude other things otherwise within the meaning of the term defined. See West Virginia Code 11-13GG-3
• 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}
• 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
• Natural gas: means a gaseous fossil energy source that formed deep beneath the earth's surface that is a combustible mixture of methane and other hydrocarbons. See West Virginia Code 11-13GG-3
• Natural gas liquids: includes the following separated from raw natural gas: butane, ethane, isobutane, pentane, propane, and similar liquid hydrocarbons and byproducts separated from natural gas. See West Virginia Code 11-13GG-3
• Natural resources: means all forms of minerals, including, but not limited to, rock, stone limestone, coal shale, gravel, sand, clay, natural gas, oil, and natural gas liquids which are contained in or on the soils or waters of this state and includes standing timber. See West Virginia Code 11-13GG-3
• New downstream natural gas manufacturing facility: means a business facility which satisfies all the requirements of paragraphs (A), (B), (C), and (D) of this subdivision. See West Virginia Code 11-13GG-3
• New job: means a job which did not exist in the downstream natural gas manufacturing business of the taxpayer in this state prior to the taxpayer's qualified investment being made, and which is filled by a new employee. See West Virginia Code 11-13GG-3
• or his or her designee: when used in reference to the Tax Commissioner, means any officer or employee of the State Tax Department duly authorized by the commissioner directly, or indirectly by one or more redelegations of authority, to perform the functions mentioned or described in this article. See West Virginia Code 11-13GG-3
• Original use: means the first use to which the property is put, whether or not the use corresponds to the use of the property by the taxpayer. See West Virginia Code 11-13GG-3
• 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 treated as a partnership for federal income tax purposes, and which is not a trust or estate, a corporation, or a sole proprietorship. See West Virginia Code 11-13GG-3
• Person: includes any natural person, corporation, or partnership. See West Virginia Code 11-13GG-3
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• property purchased or leased for business expansion: means real property and improvements thereto, and tangible personal property, but only if the real or personal property was constructed, purchased, or leased and placed in service or use by the taxpayer, for use as a component part of a new or expanded downstream natural gas manufacturing facility as defined in this section, which is located within the State of West Virginia. See West Virginia Code 11-13GG-3
• Purchase: means any acquisition of property, but only if:

  (A) The property is not acquired from a person whose relationship to the person acquiring it would result in the disallowance of deductions under section 267 or 707 (b) of the United States Internal Revenue Code. See West Virginia Code 11-13GG-3

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• Related person: means :

  (A) A corporation, partnership, association, or trust controlled by the taxpayer. See West Virginia Code 11-13GG-3

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• Statute: A law passed by a legislature.
• 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 any of the taxes imposed by §. See West Virginia Code 11-13GG-3
• This code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-13GG-3
• This state: means the State of West Virginia. See West Virginia Code 11-13GG-3
• Trustee: A person or institution holding and administering property in trust.
• 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