W. Va. Code R. § 110-13I-5

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-13I-5 - Application

5.1. Order of Application. - The Credit allowed the taxpayer in a given taxable year shall be applied first to the taxpayer's liability for taxes imposed under W. Va. Code '11-23-1 et seq. (Business Franchise Tax). The Credit remaining after it is applied to the taxpayer's Business Franchise Tax liability may be applied against the taxpayer's liability for taxes imposed under W. Va. Code '11-21-1 et seq. (Personal Income Tax) or under W. Va. Code '11-24-1 et seq. (Corporation Net Income Tax), as the case may be.

5.2. Credit Nonrefundable. - The Credit may not be used to reduce below zero ($0.00) the taxpayer's liability for any tax.

5.3. Credit May Not Be Applied to Penalties or Interest. - The Credit may be applied only against taxes imposed under W. Va. Code ''11-23-1, 11-21-1, and 11-24-1 et seq. The Credit may not be applied against penalties or interest imposed under any article of the West Virginia Code, notwithstanding that penalties or interest may be characterized as taxes for certain purposes.

W. Va. Code R. § 110-13I-5