W. Va. Code R. § 110-13M-3
Current through Register Vol. XLI, No. 50, December 13, 2024
Section 110-13M-3 - Overview of the Credits3.1. The purpose of the credits is to encourage capital investment in the manufacturing of steel, aluminum or polymer value added products (Avalue added products@) in this State. This rule applies only to the manufacturing of those products.3.2. The credits are 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, 1998, which is directly attributable to a new product manufacturing facility located in this State and to a new production line at an existing manufacturing facility located in this State, which first begins manufacturing value added products after June 30, 1998.3.3. The credit for steel manufacturing is scheduled to expire July 1, 2005. The credit for aluminum and polymer manufacturing 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 product manufacturing facility or in a new 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 an entire year. Otherwise, the amount of credit allowed is prorated as provided by W. Va. Code ''11-13N-4 or 11-13O-4.W. Va. Code R. § 110-13M-3