Terms Used In West Virginia Code > Chapter 11 > Article 13X - West Virginia Film Industry Investment Act

• Commercial exploitation: means reasonable intent for public viewing for the delivery medium used. See West Virginia Code 11-13X-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
• 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.
• Document: means any deed, or instrument or writing by which any real property within this state or any interest in real property is granted, conveyed or otherwise transferred to the grantee, purchaser or any other person. See West Virginia Code 11-22-1
• Eligible company: means a person or business entity engaged in the business of producing film industry productions. See West Virginia Code 11-13X-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.
• 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.
• Feature length: means in excess of 40 minutes. See West Virginia Code 11-13X-3
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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
• Multi-state distribution: means reaching at least one other state besides West Virginia. See West Virginia Code 11-13X-3
• 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.
• 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.
• Person: means every natural person, association or corporation. See West Virginia Code 11-22-1
• Qualified project: means a feature length theatrical or direct-to-video motion picture, a made-for-television motion picture, a music video, commercial still photography, a television pilot program, a television series, and a television mini-series that incurs a cumulative amount of $50,000 in a calendar year in direct production expenditures and post-production expenditures in West Virginia or any combination of projects not previously claimed that would qualify for the credit except for cost, and that combined meets or exceeds the cumulative amount of $50,000 in a calendar year. See West Virginia Code 11-13X-3
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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
• Tax Commissioner: means the West Virginia State Tax Commissioner or his or her designee. See West Virginia Code 11-13X-3
• Transaction: means the delivering, accepting or presenting for recording of a document. See West Virginia Code 11-22-1