§11-13R-1. Short Title
This article may be cited as the "West Virginia Strategic Research and Development Tax Credit Act".
§11-13R-10. Failure to Keep Records of Qualified Research and Development Credit Property
A taxpayer who does not keep the records required for identification of qualified research and development credit property, is subject to the following rules: (1) A taxpayer is treated as having disposed of, during the taxable year, any qualified research and development credit property which the taxpayer cannot establish was still on hand and used […]
§11-13R-11. Tax Credit Review and Accountability
(a) Beginning on February 1, 2006, and on February 1 every third year thereafter, the commissioner shall submit to the Governor, the President of the Senate and the Speaker of the House of Delegates a tax credit review and accountability report evaluating the cost effectiveness of the credit allowed under this article during the most […]
§11-13R-12. Effective Date
The provisions of this article become effective on January 1, 2003, and apply only to qualified investment made on or after that date, except that the amendments to this article enacted in two thousand four shall become effective for taxable years beginning on or after July 1, 2004, and apply only to unused credit attributable […]
§11-13R-13. Expiration of Tax Credit
The Strategic Research and Development Tax Credit Act terminates on January 1, 2014, and no credit is available to any taxpayer for any qualified investment or expenditure made on or after that date. Taxpayers which have gained entitlement to the credit pursuant to qualified investment or expenditure prior to January 1, 2014, retain that entitlement […]
§11-13R-2. Legislative Finding and Purpose
The Legislature finds that the encouragement of research and development in this state is in the public interest and promotes economic growth and development and the general welfare of the people of this state. In order to encourage research and development in this state and thereby increase employment and economic development, there is hereby provided […]
§11-13R-3. Definitions
(a) General. — When used in this article or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section unless a different meaning is clearly required by either the context in which the term is used or by specific definition in this […]
§11-13R-4. Annual Combined Qualified Research and Development Expenditure, Qualified Research and Development Expenses
(a) General. — The annual combined qualified research and development expenditure is the sum of the applicable percentage of the cost of depreciable property purchased for the conduct of a qualified research and development activity, which is placed in service or use in this state during the taxable year, plus the amount of qualified research […]
§11-13R-5. Amount of Credit Allowed
The allowable credit is the greater of: (1) Three percent of the annual combined qualified research and development expenditure; or
§11-13R-6. Application of Credit
(a) Credit allowed. — Beginning in the year that the annual combined qualified research and development expenditure is paid or incurred, eligible taxpayers and owners of eligible taxpayers described in subsections (d) and (f) of this section are allowed a credit against the taxes imposed by articles twenty-three, twenty-four and twenty-one of this chapter, in […]
§11-13R-7. Forfeiture of Unused Tax Credits; Redetermination of Credit Allowed
(a) Disposition of property or cessation of use. — If during any taxable year, property with respect to which a tax credit has been allowed under this article: (1) Is disposed of prior to the end of its useful life, as determined under section four of this article; or
§11-13R-8. Transfer of Qualified Research and Development Investment to Successors
(a) Mere change in form of business. — Property may not be treated as disposed of under section seven of this article, by reason of a mere change in the form of conducting the business as long as the property is retained in a business in this state for use in qualified research and development, […]
§11-13R-9. Identification of Investment Credit Property
(a) Every taxpayer who claims credit under this article shall maintain sufficient records to establish the following facts for each item of qualified research and development property: (1) Its identity;