W. Va. Code R. § 110-13M-3
Current through Register Vol. XLI, No. 50, December 13, 2024
Section 110-13M-3 - Overview of the Credit3.1. The purpose of the credit is to encourage capital investment in the manufacturing of consumer-ready wood products in this State.3.2. The credit is available to eligible taxpayers to claim against that portion of their Business Franchise Tax and Personal Income Tax or Corporation Net Income Tax for tax years beginning on or after July 1, 1997, which is directly attributable to a new consumer-ready wood product facility located in this State and to a new consumer-ready wood product production line at an existing manufacturing facility located in this State, which first begins operation after June 30, 1997.3.3. The credit is scheduled to expire July 1, 2002.3.4. The total amount of credit allowable is two hundred fifty dollars ($250) for each new full-time job created in a new consumer-ready wood product manufacturing facility or in a new consumer-ready wood product line of an existing manufacturing facility. 3.4.1. The full $250 per new job is available only when the new job exists for the entire taxable year. Otherwise, the amount of credit allowed is prorated as provided by W. Va. Code '11-13M-4.W. Va. Code R. § 110-13M-3