W. Va. Code R. § 110-13M-3 - Overview of the Credits
3.1. The
purpose of the credits is to encourage capital investment in the manufacturing
of steel, aluminum or polymer value added products (Avalue added products@) in
this State. This rule applies only to the manufacturing of those
products.
3.2. The credits are
available to eligible taxpayers to claim against that portion of their Business
Franchise Tax and Personal Income Tax or Corporation Net Income Tax for tax
years beginning on or after July 1, 1998, which is directly attributable to a
new product manufacturing facility located in this State and to a new
production line at an existing manufacturing facility located in this State,
which first begins manufacturing value added products after June 30,
1998.
3.3. The credit for steel
manufacturing is scheduled to expire July 1, 2005. The credit for aluminum and
polymer manufacturing is scheduled to expire July 1, 2002.
3.4. The total amount of credit allowable is
two hundred fifty dollars ($250) for each new full-time job created in a
product manufacturing facility or in a new product line of an existing
manufacturing facility.
3.4.1. The full $250
per new job is available only when the new job exists for an entire year.
Otherwise, the amount of credit allowed is prorated as provided by W. Va. Code
''11-13N-4 or 11-13O-4.
Notes
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