Terms Used In West Virginia Code > Chapter 11 > Article 13II - The High-Wage Growth Business Tax Credit Act

• 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.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefits: means all remuneration for work performed that is provided to an employee in whole or in part by the employer, other than wages, including the employer's contributions to insurance programs, health care, medical, dental and vision plans, life insurance, employer contributions to pensions, such as a 401(k), and employer-provided services, such as child care, offered by an employer to the employee. See West Virginia Code 11-13II-2
• Consecutive qualifying period: means each of the three qualifying periods successively following the qualifying period in which the new high-wage job was created. See West Virginia Code 11-13II-2
• 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
• Dependent: A person dependent for support upon another.
• Division: means the West Virginia State Tax Division. See West Virginia Code 11-13II-2
• Domicile: means the sole place where an individual has a true, fixed, permanent home. See West Virginia Code 11-13II-2
• Eligible employee: means an individual who is employed in West Virginia by an eligible employer, who is a resident of West Virginia, and 100 percent of the employee's income from such employment is West Virginia income. See West Virginia Code 11-13II-2
• Eligible employer: means a person whether organized for profit or not, or headquarters of such entity registered to do business in West Virginia that is the owner or operator of a project facility, that offers health benefits to all full-time eligible employees and certifies that it pays at least 50 percent of such health benefit premiums. See West Virginia Code 11-13II-2
• Grantor: The person who establishes a trust and places property into it.
• 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
• New high-wage job: means a new job created in West Virginia by an eligible employer on or after July 1, 2020, that is occupied for at least 48 weeks of a qualifying period by an eligible employee who is paid wages calculated for the qualifying period to be at least two and twenty-five hundredths times the state median salary. See West Virginia Code 11-13II-2
• New job: means a job that is occupied by an employee who was not previously on the employer's payroll in West Virginia, nor previously on the payroll of such employer's parent entity, subsidiary, alter ego, or affiliate in West Virginia, or previously on the payroll of any business whose physical plant and employees are substantially the same as those of the employer in West Virginia in the three years prior to the date of hire. See West Virginia Code 11-13II-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means every natural person, association or corporation. See West Virginia Code 11-22-1
• Qualifying period: means the period of 12 months beginning on the day an eligible employee begins working in a new high-wage job or the period of 12 months beginning on the anniversary of the day an eligible employee began working in a new high-wage job. See West Virginia Code 11-13II-2
• Resident: means a natural person whose domicile is in West Virginia at the time of hire or within 180 days of the date of hire. See West Virginia Code 11-13II-2
• 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
• 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
• Wages: means all compensation paid by an eligible employer to an eligible employee through the employer's payroll system, including those wages that the employee elects to defer or redirect or the employee's contribution to a 401(k) or cafeteria plan program, but "wages" does not include benefits or the employer's share of payroll taxes, Social Security or Medicare contributions, federal or state unemployment insurance contributions, or workers' compensation. See West Virginia Code 11-13II-2