W. Va. Code R. § 110-13X-5

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

Section 110-13X-5 - Application Receipt and Review

5.1. The Department of Economic Development shall determine and report to the Tax Commissioner in a manner and at times the Department of Economic Development and the Tax Commissioner agree upon:

5.1.1. The eligibility of the company and a proposed project; and

5.1.2. The maximum amount of the tax credit available to the eligible company based on estimated "direct production expenditures" and "post-production expenditures."

5.2. The Department of Economic Development shall approve tax credits for an eligible company by:

5.2.1. Approving the credits to eligible companies in accordance with Department of Economic Development procedure;

5.2.2. Assigning a unique tax credit identification number to each approved project:

5.2.2.a. Multiple approved projects of the same eligible company will each receive a separate and unique tax credit identification number;

5.2.2.b. All tax returns, reports, or other correspondence must include the unique tax credit identification number assigned by the Department of Economic Development.

5.2.2.c. Notifying the eligible company, in writing, of the amount of credits that have been reserved for the eligible company and providing copies of the notification to the Tax Commissioner.

5.3. The Department of Economic Development shall receive eligibility applications and record the time and date of receipt of an eligibility application.

5.4. The Department of Economic Development shall review all eligibility applications to determine if each application is complete. When it is determined that an eligibility application is complete, the Department of Economic Development shall review the applications to determine if the applicant and the proposed project meet the eligibility requirements to apply for the tax credit.

5.5. In the event the Department of Economic Development determines an eligibility application to be incomplete, the Department of Economic Development shall notify the applicant, in writing, of the reasons for that determination and shall return the incomplete application to the applicant. The applicant may resubmit the eligibility application after correcting the deficiencies stated in the notice, but the resubmitted eligibility application must be received by the Department of Economic Development within twenty (20) days after the Department of Economic Development sends the notice. Any resubmitted application that is received by the Department of Economic Development more than twenty (20) days after the Department of Economic Development sends the notice may, within the sole discretion of the Department of Economic Development, be denied further consideration.

5.6. Requests for Increase in Tax Credit Allocation. -- If an eligible company seeks an increase in the amount of tax credits for an approved qualified project, the eligible company shall submit an application for modification to the Department of Economic Development, which shall be submitted by and bear the same signature as the person who submitted the original eligibility application, or the successor of that person, or a duly authorized representative. The Department of Economic Development shall assign each request a new application number and review each request separately from the original eligibility application. The Department of Economic Development shall consider the application and may request additional information from the applicant to assist in its evaluation of the request. The Department of Economic Development shall notify the eligible company in writing of the Department of Economic Development's decision.

5.7. Other Revisions to Application. -- If an eligible company seeks to revise its original eligibility application for a qualified project for reasons other than those identified in subsection 5.6 of this rule, the eligible company shall submit an application for modification to the Department of Economic Development, which shall be submitted by and bear the same signature as the person who submitted the original eligibility application, or the successor of that person, or a duly authorized representative. The Department of Economic Development shall consider the application within thirty (30) days of receipt, and may request additional information from the applicant to assist in its evaluation of the request. The Department of Economic Development shall determine the approval using the same criteria of the review process. The Department of Economic Development shall notify the eligible company in writing of the Department of Economic Development's decision.

5.8. False Information. -- Upon the submittal of any false or misleading information by an applicant, the Department of Economic Development may reject the application and deny further consideration of the applicant for qualification in current and subsequent fiscal years.

5.9. Complete Application. -- Upon a determination by the Department of Economic Development that an eligibility application is complete, the Department of Economic Development may consider the application for approval.

5.10. Action of Department of Economic Development. -- The allocation of all tax credits under this Rule must be approved by the Department of Economic Development. The Department of Economic Development shall consider all completed applications. Once an applicant and a project described in an eligibility application have been determined by the Department of Economic Development to meet the eligibility requirements of W. Va. Code § 11-13X-1, et seq., and this rule, the Department of Economic Development shall notify the Tax Commissioner in writing of the eligibility of the company and the project and the maximum amount of the tax credit to be reserved for the eligible company.

5.11 If an eligible company submits a proposal to perform a qualified project for a state agency, the eligible company shall indicate its intention to claim the tax credit provided by West Virginia Code § 11-13X-1, et seq.

W. Va. Code R. § 110-13X-5