W. Va. Code R. § 110-13N-4

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

Section 110-13N-4 - Application of the Credit

4.1. This credit may be applied only after all other allowable credits are applied.

4.2. This credit shall be applied against an eligible taxpayer's Business Franchise Tax liability before any remaining credit may be applied against that taxpayer's Personal Income Tax or Corporation Net Income Tax liability.

4.2.1. In no event may any remaining credit be applied against both Personal Income Tax liability and Corporation Net Income Tax liability.

4.2.2. In no event may the credit applied exceed the eligible taxpayer's liability for Business Franchise Tax and Personal Income Tax or Corporation Net Income Tax for the tax year.

4.3. Any amount of credit allowed which remains after being applied against eligible taxes for the tax year in which the new full-time jobs were created is forfeited and may not be used in any prior tax year.

4.3.1. However, any amount of steel manufacturing credit (but not aluminum or polymer credit) which remains after being applied for the tax year in which new full-time jobs were created may be carried over and used in the next tax year, for each of the next five tax years or until no credit remains because it has all been used or because the credit has expired.

4.4. If a taxpayer does not claim the credit in the first tax year when it is available to be used, it is forfeited and may not be used in any other tax year. However, the unclaimed credit is not forfeited if it is subsequently claimed for that first year on a timely filed amended return.

4.5. The credit may be claimed only by one taxpayer for a given period of time, and may not be assigned to any other taxpayer. However, a husband and wife filing a joint personal income tax return may both claim the credit if either or both of them is an eligible taxpayer, to the extent provided for in Subsection 3.2 of this rule.

4.5.1. If an eligible taxpayer is a member of an affiliated group that files its Business Franchise Tax return on a consolidated basis, the affiliated group may claim the credit to the extent provided for in Subsection 3.2 of this rule. However, each affiliate shall file a pro forma federal income tax return and an information return for each tax against which this tax credit is claimed, unless the Tax Commissioner requires filing on a separate basis based on a finding that a deconsolidated filing would be more appropriate for ascertaining an accurate and realistic determination of the new jobs created.

W. Va. Code R. § 110-13N-4