§11-13Y-1. Short Title
This article shall be known and cited as the West Virginia Manufacturing Property Tax Adjustment Act.
§11-13Y-2. 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 the context in which the term is used. (b) Terms defined. — (1) "Affiliate" means […]
§11-13Y-3. Eligibility for Tax Credits; Creation of the Credit
There shall be allowed to every eligible taxpayer a credit against the taxes imposed under articles twenty-three and twenty-four of this chapter, as determined under this article.
§11-13Y-4. Amount of Credit Allowed
(a) Credit allowed. — Eligible taxpayers shall be allowed a credit against the tax imposed under article twenty-three or twenty-four of this chapter, the application of which and the amount of which shall be determined as provided in this article. (b) Amount of credit. — The amount of credit allowed to the eligible taxpayer is […]
§11-13Y-5. Application of Annual Credit Allowance
(a) Application of credit against business franchise tax. — The amount of credit allowed shall first be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by article twenty-three of this chapter. (b) Application of credit against corporate net income tax. –Any credit remaining after application of the credit […]
§11-13Y-6. Availability of Credit to Successors
(a) Transfer or sale of assets. — (1) Where there has been a transfer or sale of the business assets of an eligible taxpayer to a successor which subsequent to the transfer constitutes an eligible taxpayer as defined in this article, which continues to operate the manufacturing business in this state, and which remains subject […]
§11-13Y-7. Credit Recapture; Interest; Penalties; Additions to Tax; Statute of Limitations
(a) If it appears upon audit or otherwise that any person or entity has taken the credit against tax allowed under this article and was not entitled to take the credit, then the credit improperly taken under this article shall be recaptured. Amended returns shall be filed for any tax year for which the credit […]
§11-13Y-8. Report on Credit
(a) The Tax Commissioner shall provide to the Joint Committee on Government and Finance by July 1, 2011, and on July 1, of each year thereafter, a report detailing the amount of credit claimed pursuant to this article. The report is to include the amount of credit claimed against the business franchise tax and the […]
§11-13Y-9. Effective Date
This article shall be effective for corporate net income tax years and business franchise tax years beginning on or after January 1, 2009.