§11-13S-1. Short Title
This article may be cited as the "West Virginia Manufacturing Investment Tax Credit Act".
§11-13S-10. 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 […]
§11-13S-2. Legislative Findings and Purpose
The Legislature finds that the encouragement of the location of new industry in this state, and the expansion, growth and revitalization of existing industrial facilities in this state is in the public interest and promotes the general welfare of the people of this state.
§11-13S-3. Definitions
(a) Any term used in this article has the meaning ascribed by this section unless a different meaning is clearly required by the context of its use or by definition in this article. (b) For purpose of this article, the term: (1) “Eligible taxpayer” means an industrial taxpayer who purchases new property for the purpose […]
§11-13S-4. Amount of Credit Allowed for Manufacturing Investment
(a) Credit allowed. There is allowed to eligible taxpayers and to persons described in subdivision (4), subsection (b) of this section a credit against the taxes imposed by 11-13A- 1 et seq., and 11-24-1-1 et seq. of this code: Provided, That a tax credit for any eligible taxpayer operating a business activity classified as having […]
§11-13S-5. Qualified Manufacturing Investment
(a) General. — The qualified manufacturing investment is the applicable percentage of the cost of property purchased for manufacturing investment, which is placed in service or use in this state, by the eligible taxpayer during the taxable year. (b) Applicable percentage. — For the purposes of subsection (a) of this section, the applicable percentage for […]
§11-13S-6. 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 five of this article; or
§11-13S-7. Transfer of Property Purchased for Manufacturing Investment to Successors
(a) Mere change in form of business. — Property may not be treated as disposed of under section six 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 the activity of manufacturing […]
§11-13S-8. 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 property purchased for manufacturing investment: (1) Its identity;
§11-13S-9. Failure to Keep Records of Property Purchased for Manufacturing Investment
A taxpayer who does not keep the records required for property purchased for manufacturing investment, is subject to the following rules: (1) A taxpayer is treated as having disposed of, during the taxable year, any property purchased for manufacturing investment which the taxpayer cannot establish was still on hand and used in manufacturing activity in […]