W. Va. Code R. § 110-23-27

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

Section 110-23-27 - Credit for Franchise Tax Paid to Another State by A Financial Organization

27.1. Effective for taxable years beginning on or after January 1, 1991, and notwithstanding any provisions of the West Virginia Code to the contrary, any financial organization, having its commercial domicile in this state shall be allowed a credit against the tax imposed by W. Va. Code '11-23-1 et seq., for any taxable year for taxes paid to another state or political subdivision thereof. That credit shall be equal in amount to the lesser of:

27.1.1. The taxes such financial organization shall actually have paid, which payments were made on or before the filing date of the annual return required by W. Va. Code '11-23-1 et seq., to any other state or political subdivision thereof, and which tax was based upon or measured by the financial organization's capital and was paid with respect to the same taxable year; or

27.1.2. The portion of the tax actually paid that the financial organization would have paid if the rate of tax imposed by W. Va. Code article 23, chapter 11, is applied to the tax base determined under the law of such other state or political subdivision.

27.2. Any additional payments of such tax to other states, or to political subdivisions thereof, by a financial organization described in this section, and any refunds of such taxes, made or received by such financial organization with respect to the taxable year, but after the due date of the annual return required by W. Va. Code '11-23-1 et seq., for the taxable year, including any extensions, shall likewise be accounted for in the taxable year in which such additional payment is made or such refund is received by the financial organization.

W. Va. Code R. § 110-23-27