W. Va. Code R. § 110-21C-4

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

Section 110-21C-4 - Sale, Assignment or Other Transfer of Credit

4.1. Pursuant to W. Va. Code § 11-24-23g, a Corporation Net Income Tax taxpayer granted credit pursuant to W. Va. Code § 11-24-23a may sell, assign or otherwise transfer some or all of its credit to another taxpayer, which may apply that credit to its Corporation Net Income Tax liability even though it would not be eligible for the credit pursuant to W. Va. Code § 11-24-23a.

4.1.a. Corporation Net Income Tax taxpayers not eligible for credit to be granted to them pursuant to W. Va. Code § 11-24-23a may not sell, assign or transfer any credit sold, assigned or transferred to them.

4.2. Pursuant to W. Va. Code § 11-21-8h, Personal Income Tax taxpayers eligible for credit to be granted pursuant to W. Va. Code §§ 11-21-8a or 11-21-8g may sell, assign or transfer their credit to another taxpayer, in accordance with the provisions of W. Va. Code § 11-21-8h, as passed in 2002.

4.3. The sale, assignment or transfer of the certified historic structure, absent the sale, assignment or transfer of the credit, does not entitle the purchaser, assignee or transferee of the structure to claim the credit that was certified for the structure. Further, no two parties may claim the credit for the same tax year.

4.4. In cases where the credit that was granted pursuant to W. Va. Code §§ 11-21-8a or 11-24-23a has been sold, assigned or otherwise transferred, the recipient of the credit is subject to the requirements set forth in W. Va. Code §§ 11-21-8a(a) or 11-24-23a(a), as amended in 2017.

4.4.a. Specifically, the transferee, purchaser, or assignee is not entitled to this credit if, on the date of transfer and throughout the time period within which the credit is claimed, the transferee, assignee, or purchaser is in arrears in the payment of any tax administered by the Tax Division or the transferee, assignee, or purchaser is delinquent in the payment of any local or municipal tax, or the transferee, assignee, or purchaser is delinquent in the payment of property taxes on the property containing the certified historic tax structure throughout the time period within which the credit is claimed.

4.4.b. Provided that the transferee, assignee, or purchaser will not lose eligibility to claim the credit when the property taxes on the property containing the certified historic tax structure are delinquent, if the transferee, assignee, or purchaser can demonstrate by documentation that he or she was not subject to the property tax on the property containing the certified historic tax structure during the tax period in which the credit is claimed.

4.5. Documentation of the transferor, assignor, or seller taxpayer's as well as the transferee, assignee, or purchaser taxpayer's good standing, as described in Section 5 of this rule, must be submitted to the State Historic Preservation Office along with the request for the Certificate of Approval, the requirement of which is set forth in W. Va. Code § 11-21-8h(a). If this documentation is not submitted, then the request for Certificate of Approval will not be considered complete.

W. Va. Code R. § 110-21C-4