West Virginia Code 11-13HH-4 – Amount of credit allowed
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(a) Credit allowed. – Eligible taxpayers are allowed a credit against the tax imposed under §11-21-1 et seq. or § 11-24-1 et seq. of this code, the application of which and the amount of which shall be determined as provided in this article.
Terms Used In West Virginia Code 11-13HH-4
- Tax year: means the calendar year following the July first assessment day or, in the case of a public service business assessed pursuant to article six of this chapter, the calendar year beginning on the January first assessment day. See West Virginia Code 11-5-3
- 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
(b) Amount of credit. – The amount of credit allowed to the eligible taxpayer is the amount of West Virginia ad valorem property tax paid on the value of inventory and equipment of the eligible taxpayer during the personal income tax year and corporate net income tax year, as applicable.