Terms Used In West Virginia Code > Chapter 11 > Article 13LL - Industrial Advancement Act

• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Combined group: means a combined group as defined in §. See West Virginia Code 11-13LL-3
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Corporation: means a corporation or joint-stock association, organized under the laws of this state, the United States or any other state, territory or foreign country or dependency including, but not limited to, banking institutions. See West Virginia Code 11-22-1
• Defined benefit: means money payments, emoluments, rights, benefits, asset transfers and any other form of disbursement or outlay derived from a defined benefit plan as defined in 26 USC §. See West Virginia Code 11-13LL-3
• Eligible certificate holder: means an eligible taxpayer certified as a qualified labor intensive heavy industrial manufacturing project. See West Virginia Code 11-13LL-3
• Eligible taxpayer: means an industrial taxpayer who purchases property for the purpose of industrial expansion or for the purpose of industrial revitalization in this state. See West Virginia Code 11-13LL-3
• Employee benefits: means payments by a taxpayer for a full-time employee for: health insurance. See West Virginia Code 11-13LL-3
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Full-time employee: means an employee employed in the state for at least an average of 140 hours per month during employment with an average hourly wage including employee benefits of more than 200 percent of the prevailing federal minimum wage. See West Virginia Code 11-13LL-3
• Industrial expansion: means capital investment in a new or expanded industrial facility in this state. See West Virginia Code 11-13LL-3
• Industrial facility: means any factory, mill, plant, refinery, warehouse, building, or complex of buildings located within this state, including the land on which foregoing is located, and all machinery, equipment, and other real and tangible personal property located at or associated with the facility used in connection with the operation of the manufacturing business. See West Virginia Code 11-13LL-3
• Industrial taxpayer: means any taxpayer who is primarily engaged in a manufacturing business. See West Virginia Code 11-13LL-3
• Limited liability company: means a limited liability company organized under the laws of this state, the United States or by any other state, territory or the District of Columbia. See West Virginia Code 11-22-1
• Manufacturing: means any business activity classified as having a sector identifier, consisting of the first two digits of the six-digit North American Industry Classification System code number of 31, 32, or 33. See West Virginia Code 11-13LL-3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means includes any natural person, corporation or partnership or flow-through entity. See West Virginia Code 11-13LL-3
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• Property purchased for manufacturing investment: means real property, and improvements thereto, and tangible personal property but only if the property was constructed or purchased on or after January 1, 2022, for use as a component part of a new, expanded, or revitalized industrial facility. See West Virginia Code 11-13LL-3
• Qualified labor intensive heavy industrial manufacturing project: means a project certified as a qualified labor intensive heavy industrial manufacturing project by a duly authorized representative of the West Virginia Department of Economic Development on or after January 1, 2022 in which the taxpayer is expected to:

  (A) Invest at least $2 billion in property purchased for manufacturing investment and placed in service or put in use at an industrial facility in this state. See West Virginia Code 11-13LL-3

• Qualified manufacturing investment: means that amount determined under §. See West Virginia Code 11-13LL-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• revitalization: means capital investment in an industrial facility located in this state to construct, build, commission, install, replace or modernize buildings, equipment, machinery, and other tangible personal property used in connection with the operation of the facility in an industrial business of the taxpayer including the acquisition of any real property necessary to the industrial revitalization. See West Virginia Code 11-13LL-3
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• taxpayer: includes owners of a flow-through entity, the owners of which receive conduit income from the flow-through entity, on which income owners are required to pay the taxes imposed by §. See West Virginia Code 11-13LL-3
• Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1