Terms Used In West Virginia Code > Chapter 11 > Article 13EE - Coal Severance Tax Rebate

• Affiliated group: means one or more chains of corporations, limited liability entities, or partnerships, or any combination thereof, connected through the ownership of stock or ownership interests with a common parent which is a corporation, limited liability entity, or partnership, but only if the common parent owns directly, or indirectly, a controlling interest in each of the members of the group. See West Virginia Code 11-13EE-2
• 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.
• Association: means a partnership, limited partnership or any other form of unincorporated enterprise, owned or conducted by two or more persons. See West Virginia Code 11-22-1
• Base period: means the five-year period directly preceding the year the qualifying capital investment in new machinery and equipment was placed into service. See West Virginia Code 11-13EE-2
• Capital investment in new machinery and equipment: means :

  (A) Tangible personal property in the form of machinery and equipment that is purchased on or after the effective date of this article and placed in service for direct use in the production of coal, when the original or first use of the machinery or equipment in this state commences on or after the effective date of this article. See West Virginia Code 11-13EE-2

• Coal mining operation: includes the mine and the coal preparation and processing plant. See West Virginia Code 11-13EE-2
• Coal preparation and processing plant: means any facility (excluding underground mining operations) which prepares coal by one or more of the following processes: breaking, crushing, screening, wet or dry cleaning, and thermal drying. See West Virginia Code 11-13EE-2
• Coal production: means the privilege of severing, extracting, reducing to possession and producing coal for sale, profit or commercial use and includes the processing of coal at a coal preparation and processing plant. See West Virginia Code 11-13EE-2
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Contract: A legal written agreement that becomes binding when signed.
• Controlled group: means one or more chains of corporations connected through stock ownership with a common parent corporation if stock possessing at least 50 percent of the voting power of all classes of stock of each of the corporations is owned, directly or indirectly, by one or more of the corporations. See West Virginia Code 11-13EE-2
• Controlling interest: means :

  (A) For a corporation, either more than 50 percent ownership, directly or indirectly, of the total combined voting power of all classes of stock of the corporation, or more than 50 percent ownership, directly or indirectly, of the beneficial ownership interest in the voting stock of all classes of stock of the corporation. See West Virginia Code 11-13EE-2

• Corporation: means any corporation, joint-stock company or association, and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by a certificate of interest or ownership or similar written instrument. See West Virginia Code 11-13EE-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• eligible taxpayer: includes all members of the rebate applicant's controlled or affiliated group. See West Virginia Code 11-13EE-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Internal Revenue Code: means the Internal Revenue Code as defined in §. See West Virginia Code 11-13EE-2
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• 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
• mine: includes :

  (A) A "surface mine" or "surface mining operation" which means:

  (i) Activities conducted on the surface of lands for the removal of coal, or, subject to the requirements of §. See West Virginia Code 11-13EE-2

• 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.
• Partnership: includes a syndicate, group, pool, joint venture or other unincorporated organization through or by means of which any business, operation or venture is carried on, which is taxed under Subchapter K of the Internal Revenue Code, as defined in §. See West Virginia Code 11-13EE-2
• Person: includes any natural person, corporation, partnership, limited liability company or other business entity. See West Virginia Code 11-13EE-2
• 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
• Production of coal: means privilege of severing, extracting, reducing to possession and producing coal for sale, profit or commercial use and includes the processing of coal at the coal preparation and processing plant. See West Virginia Code 11-13EE-2
• Property: means tangible personal property and is limited to new machinery and equipment that is depreciable or amortizable for federal income tax purposes and that has a useful life of five or more years for federal income tax purposes. See West Virginia Code 11-13EE-2
• Purchase: means any acquisition of new machinery or equipment, but only if:

  (A) The machinery or equipment is not acquired from a person whose relationship to the person acquiring it would result in the disallowance of deductions under Section 267 or 707 (b) of the United States Internal Revenue Code, as defined in §. See West Virginia Code 11-13EE-2

• Qualified investment: means capital investment in new machinery and equipment directly used in the production of coal in this state that is depreciable, or amortizable, for federal income tax purposes and has a useful life for federal income tax purposes of five or more years when it is placed in service or use in this state. See West Virginia Code 11-13EE-2
• Rebate: means the amount of rebate allowable under §. See West Virginia Code 11-13EE-2
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• State portion of severance taxes paid: means the portion of severance taxes due under §. See West Virginia Code 11-13EE-2
• Statute: A law passed by a legislature.
• Tangible personal property: means and is limited to new machinery and equipment that is depreciable, or amortizable, for federal income tax purposes and that has a useful life of five or more years for federal income tax purposes when it is placed in service or use in this state. See West Virginia Code 11-13EE-2
• 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
• Taxpayer: means any person exercising the privilege of severing, extracting, reducing to possession and producing coal for sale, profit or commercial use coal, which privilege is taxable under §. See West Virginia Code 11-13EE-2
• This code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-13EE-2
• This state: means the State of West Virginia. See West Virginia Code 11-13EE-2
• Trustee: A person or institution holding and administering property in trust.
• 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