Terms Used In West Virginia Code > Chapter 11 > Article 13U - High-Growth Business Investment Tax Credit

• Alter ego: means a qualified research and development company where one or more of the following criteria are satisfied in relation to the eligible taxpayer:

  (A) The ownership of the business is "substantially related" to the ownership of the eligible taxpayer. See West Virginia Code 11-13U-3

• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Corporate headquarters: means the place at which the corporation has its commercial domicile and from which the business of the corporation is primarily conducted. See West Virginia Code 11-13U-3
• 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
• Eligible taxpayer: means a person that has received certification from the economic development authority that a portion of the annual available high growth business investment credit has been allocated to it, that is subject to the tax imposed by either article twenty-three, article twenty-four or article twenty-one of this chapter, and that has made a qualified investment in a qualified research and development credit company. See West Virginia Code 11-13U-3
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• 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: includes any natural person, corporation, limited liability company, or partnership. See West Virginia Code 11-13U-3
• Qualified investment: means an equity financing of a West Virginia qualified strategic research and development company. See West Virginia Code 11-13U-3
• 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.
• Tax credit: means the high-growth business development tax credit authorized by this article. See West Virginia Code 11-13U-3
• 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
• Taxable year: means the tax year of the eligible taxpayer. See West Virginia Code 11-13U-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