West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-21H - Income Tax Credits For Property Taxes Paid › Section 110-21H-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. General Rule.
				-- Unless a specific definition is provided in subsection 2.2 of this section,
				or the context in which the term is used clearly requires a different meaning,
				the terms used in this rule have the definitions provided under W. Va. Code
				§§11-10-1
et seq
.,
				11-21-1
et seq
., and 11-24-1
et
				seq
.
2.2. Terms defined.
2.2.1. "Ad valorem property tax" means and is
				limited to the West Virginia
ad valorem
property
				tax.
2.2.2. "Business" means any
				activity taxable under W. Va. Code §11-12-1
et seq
.,
				which is engaged in by any person in this State.
2.2.3. "Disabled veteran taxpayer" means a
				person honorably discharged from any branch of the armed services of the United
				States and who, according to the United States Department of Veteran Affairs,
				is considered at least 90 percent totally and permanently disabled due solely
				to service-connected disabilities.
2.2.4. "Eligible motor vehicle" means a motor
				vehicle on which the
ad valorem
property tax has been paid for
				the taxable year by the eligible taxpayer, and which is a motor vehicle as
				defined in this rule.
2.2.5.
				"Flow-through entity," "conduit entity," or "pass-through entity" means an S
				corporation, partnership, limited partnership, limited liability partnership,
				or limited liability company. The term "flow-through entity," "conduit entity,"
				or "pass-through entity" includes a publicly traded partnership as that term is
				defined in section 7704 of the Internal Revenue Code that has equity securities
				registered with the Securities and Exchange Commission under section 12 of
				Title I of the Securities Exchange Act of 1934,
				15 U.S.C.
				§78l: Provided, That a publicly traded
				partnership as defined in section 7704 of the Internal Revenue Code having
				equity securities registered with the Securities and Exchange Commission under
				section 12 of Title I of the Securities Exchange Act of 1934,
				15 U.S.C.
				§78l, and any other person or entity
				that is treated as a C corporation for federal income tax purposes, shall be
				treated as a corporation taxable under W. Va. Code §11-24-1
et seq
.,
				for purposes of this rule.
2.2.6.
				"Motor Vehicle" means the following classes of vehicles defined in W. Va. Code
				§17A-10-1: Class A, Class B, Class
				G, Class H, Class T, Class V, Class X, and all-terrain vehicles and utility
				terrain vehicles as defined in W. Va. Code §20-15-2.
2.2.7. "Person" means and includes an
				individual, a trust, estate, partnership, pass-through entity, association,
				company, or corporation.
2.2.8.
				"Personal property" shall have the same meaning as in W. Va. Code
				§11-5-1
et seq
.
				For the purposes of this rule, the term "personal property" shall not include a
				working interest in any oil, natural gas, or natural gas liquid producing
				property or any property of a public service company.
2.2.9. "Personal property taxes paid" means
				the aggregate of regular levies, excess levies and bond levies extended against
				personal property that are timely paid during the calendar year and determined
				after any application of any discount for early payment of taxes. For example,
				if a taxpayer receives a personal property tax assessment of $200, but pays the
				assessment before the due date to take advantage of a discount and so pays $195
				in full satisfaction of the assessment, then the "personal property taxes paid"
				would be the $195 actually paid, and not the $200 assessed amount. "Personal
				property taxes paid" does not include any untimely
ad valorem
property tax paid, or any payment of delinquent
ad valorem
property tax, or payment of "back tax"
ad valorem
property
				taxes, or any penalty or interest for late payment of property taxes. For
				purposes of determining personal property taxes paid, the phrase "during the
				calendar year" refers to the personal income tax taxable year or the
				corporation net income tax taxable year, whichever applies, during which the
				personal property taxes were paid, and does not refer to the property tax
				year.
2.2.10. "Public service
				company" means a corporation or other business entity which delivers services
				considered essential to the public interest that are regulated by the
				applicable federal or state regulatory body, including, but not limited to,
				businesses furnishing electricity, natural gas, telecommunications, and water,
				and those transporting personal property or passengers, including, but not
				limited to, airlines, railroads, trucking, and bus companies, and which are
				centrally assessed by the state for property tax purposes.
2.2.11. "Real property taxes paid" means the
				aggregate of regular levies, excess levies and bond levies that are timely paid
				during the calendar year and determined after any application of any discount
				for early payment of taxes. For example, if a taxpayer receives a real property
				tax assessment of $2,000, but pays the assessment before the due date to take
				advantage of a discount and so pays $1,950 in full satisfaction of the
				assessment, then the "real property taxes paid" would be the $1,950 actually
				paid, and not the $2,000 assessed amount. "Real property taxes paid" does not
				include any untimely
ad valorem
property tax paid, or any
				payment of delinquent
ad valorem
property tax, payment of
				supplemental assessments, or payment of "back tax"
ad valorem
property taxes, or any penalty or interest for late payment of property taxes.
				For purposes of determining real property taxes paid, the phrase "during the
				calendar year" refers to the personal income tax taxable year during which the
				real property taxes were paid, and does not refer to the property tax
				year.
2.2.12. "Timely paid" means
				paid before October 1 of the property tax year with respect to the first
				installment, and paid before April 1 of the following calendar year with
				respect to the second installment.