W. Va. Code R. § 145-7-11

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

Section 145-7-11 - Assertion of Credit Against Tax

11.1. Annual Credit Reporting Schedule. An eligible taxpayer which desires to claim a neighborhood assistance tax credit must file with the tax commissioner, in such form as the commissioner prescribes, an annual tax credit reporting schedule stating the amount of eligible contribution which the taxpayer has made. The taxpayer must attach to this form the certificate issued by the director of the Development Office evidencing approval of the project plan pursuant to which the contribution was made. The taxpayer shall attach to the report proof of payment of the eligible contribution to the transferee designated in the certified plan solely for the certified project. The taxpayer shall provide all information required by the tax commissioner's prescribed form. The schedule shall be filed with the annual corporation net income tax return for the tax year in which the eligible contribution is first irrevocably transferred to a transferee pursuant to a certified project plan, except:

11.1.1. If the eligible taxpayer is not required to file a corporation net income tax return, then the tax credit reporting schedule shall be filed with the annual personal income tax return filed for the tax year in which the eligible contribution is first irrevocably transferred to a project transferee pursuant to a certified project plan.

11.2. Disallowance of Credit. The tax commissioner may disallow any credit claimed pursuant to these rules and the Act when a properly completed tax credit reporting schedule or a properly completed and valid statement or proof of payment of the eligible contribution, or other required documentation, statements or proofs, are not timely filed.

11.3. Maximum Credit. The maximum amount of tax credits allowed under the Act may not exceed $3 million in any state fiscal year. When the total amount of tax credits certified in a given fiscal year equals $3 million, no further certifications may be issued during that fiscal year. Applications for project certification may be filed with the Development Office by June 30 of each fiscal year.

W. Va. Code R. § 145-7-11