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110CSR21C

TITLE 110 PROCEDURAL RULE STATE TAX DEPARTMENT

SERIES 21C METHOD OF CLAIMING THE QUALIFIED REHABILITATED BUILDINGS INVESTMENT CREDIT

§ 110-21C-1. General.

1.1. Scope. — This rule provides the method of reporting the alternative method for distribution of qualified rehabilitated buildings investment credit that is required by W. Va. Code § 11-21-8e(b); the method to sell, assign or transfer the credit pursuant to W. Va. Code §§11-21-8h or 11-24-23g, and requirements to claim the credit once transferred; the method to show good standing with the State Tax Division and local, municipal and county taxing authorities as required by W. Va. Code §§11-21-8a and 11-24-23a; and limitations on claiming the credit, including those set forth by House Bill 203, passed October 17, 2017.

1.2. Authority. — W. Va. Code §§11-21-8a(a), 11-21-8e(b), 11-21-8h(e), and 11-24-23a(a).

1.3. Filing Date. - November 30, 2018

1.4. Effective Date. -— December 31, 2018 § 110-21C-2. Definitions.

2.1. General Rule. -- Unless a specific definition is provided in subsection 2.2 of this section, or the context in which the term is used clearly requires a different meaning, the terms used in this rule have the definitions provided under W. Va. Code §§11-10-1 et seq., 11-21-1 et seq. and 11-24-1 et seq.

2.2. Terms defined.

2.2.a. “C corporation” means a corporation which is not an S corporation for federal income tax purposes.

2.2.b. “Corporation” means any entity taxed as a corporation for federal income tax purposes.

2.2.c. “Credit” means the tax credit for qualified rehabilitated building investment authorized by W. Va. Code §§11-21-8a, 11-24-23a, and 11-21-8g.

2.2.d. “General partnership” means a partnership other than a “limited partnership” as defined in this subsection.

2.2.e. “General partner” means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and is named in the certificate of limited partnership as a general partner.