West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-13C - Business Investment And Jobs Expansion Tax Credit, Corporation Headquarters Relocation Tax Credit, Sma › Section 110-13C-4b - Credit allowable for certified projects

Current through Register Vol. XLI, No. 28, July 12, 2024
W. Va. Code '11-13C-4b
				  provides for the creation of multiple party and multiple year business
				  investment and jobs expansion tax credit projects. A multiple party business
				  investment and jobs expansion tax credit project is one where two (2) or more
				  business entities engage in a business enterprise to which the project
				  participants contribute property or jobs or both. A multiple year project is
				  one where the qualified investment is placed in service or use over a period of
				  more than one (1) year, up to three (3) tax years. It is possible to have a
				  project which is both a multiple party project and a multiple year
				  project.
4b.1. In general. - A project
				certified by the Tax Commissioner shall be eligible for the credit allowable by
				W. Va. Code '11-13C et seq. A project eligible for certification under W. Va.
				Code '11-13C-4b
				is one where:
4b.1.1. The qualified
				investment under W. Va. Code '11-13C et seq. creates at least fifty (50) new
				jobs but such qualified investment is placed in service or use over a period of
				three (3) successive tax years: Provided, That such qualified investment is
				made pursuant to a written business facility development plan of the taxpayer
				providing for an integrated project for investment at one or more new or
				expanded business facilities, a copy of which must be attached to the
				taxpayer's application for project certification and approved by the Tax
				Commissioner, and the qualified investment placed in service or use during the
				first year would not have been made without the expectation of making the
				qualified investment placed in service or use during the next two (2)
				succeeding tax years;
4b.1.1.1. Business
				investment and jobs expansion tax credit allowable for qualified investment in
				a multi-year project (or a multi-year, multiparticipant project) placed in
				service or use after March 9,1990 may not be used to offset severance tax, as
				provided in W. Va. Code '11-13C-5(e),
				unless one of the transition rules set forth in W. Va. Code '11-13C-14(c)(s)(B)
				or (C) applies.
4b.1.1.2. The term "project" as used in W.
				Va. Code '11-13C-14(c)(B)(ii)
				and (iv) means and is limited to a multi-year
				project) (or a multi-year, multiple participant project in which qualified
				investment property is placed in service over a period of two or three
				successive tax years; and which is certified by the Tax Commissioner as a
				multi-year project (or as a multi-year, multiple participant project) under W.
				Va. Code '11-13C-4b(b).
4b.1.1.3. The term "plan for an integrated
				project" as used in W. Va. Code '11-13C-14(c)(2)(C)(ii)
				includes no more than two Section 11-13C-14b(a) multi-year (or multi-year,
				multiple participant projects) each of which is certified by the Tax
				Commissioner under W. Va. Code '11-13C-4b(b),
				if the integrated project plan satisfies the requirements set froth in Section
				14.3.2.3 of these regulations.