W. Va. Code R. § 110-21D-9

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

Section 110-21D-9 - Carryover Credit; Carryback Prohibited; Non-Refundable; Forfeiture

9.1. If the amount of the tax credit allowed under W. Va. Code § 11-13Z-1, et seq. in any taxable year exceeds the taxpayer's liability imposed under W. Va. Code § 11-21-1, et seq. for that taxable year, the excess may be carried over and applied as a credit against the tax liability of the taxpayer pursuant to the provisions of W. Va. Code § 11-21-1, et seq. for succeeding taxable years, until the amount of the excess tax credit is used.

9.2. No carryback to a prior taxable year is allowed for the amount of any unused portion of any annual credit allowance.

9.3. Application of the credit allowed under W. Va. Code § 11-13Z-1 et seq. in combination with all other applicable tax credits, exemptions and deductions shall in no event reduce the tax liability below zero, and shall in no circumstances be applied as a refundable tax credit, or result in a refundable tax credit.

W. Va. Code R. § 110-21D-9