W. Va. Code R. § 145-7-13

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

Section 145-7-13 - Credit Recapture

13.1. If it appears on audit or pursuant to other information that an eligible taxpayer has not made a contribution as represented, or if it appears that contributions made by an eligible taxpayer were made to the direct or indirect benefit of the eligible taxpayer making the contribution, the credit previously allowed shall be recaptured, and amended returns must be filed for any tax year in which the credit was taken. Any additional taxes shown due on the amended return or returns must be remitted to the tax commissioner when the amended return or returns are filed, along with statutory interest and a ten percent penalty, which may be waived by the tax commissioner if the taxpayer shows that the over claimed amount was due to reasonable cause and not due to willful neglect, and such other penalties and additions to tax as may be applicable under the West Virginia Tax Procedure and Administration Act. When a neighborhood assistance tax credit is taken on a tax return, the period of time in which the tax commissioner may issue a deficiency assessment is five years from the date the tax return was filed, or five years from the date of payment of any tax liability calculated pursuant to the assertion of the neighborhood assistance credit, whichever is later.