W. Va. Code R. § 110-21G-4

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

Section 110-21G-4 - Owner's Reconciliation Tax Credit for Tax Paid at the Entity Level

4.1. Owner's reconciliation tax credit -- Subject to the requirements and limitations of W. Va. Code §11-21-3a the owner of an electing PTE may apply a reconciliation tax credit against the owner's personal income tax liability under W. Va. Code §11-21-1 et seq., in the amount of the owner's proportionate share of the tax paid under W. Va. Code §11-21-1 et seq., by the electing PTE for the taxable year.

4.1.1. An owner of an electing PTE may claim a reconciliation tax credit against the owner's West Virginia individual income tax or fiduciary income tax.

4.1.2. A trust (other than a trust that is disregarded for income tax purposes) that is an owner of an electing Subchapter S corporation may claim the reconciliation tax credit that it receives on its fiduciary income tax return or distribute any portion of the reconciliation tax credit to its beneficiaries as may be appropriate: Provided, That no credit may be claimed by both a trust and a beneficiary of the trust.

W. Va. Code R. § 110-21G-4