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110CSR21H

2 through entity,” “conduit entity,” or “pass‐through entity” includes a publicly traded partnership as that term is defined in section 7704 of the Internal Revenue Code that has equity securities registered with the Securities and Exchange Commission under section 12 of Title I of the Securities Exchange Act of 1934, 15 U.S.C. § 78l: Provided, That a publicly traded partnership as defined in section 7704 of the Internal Revenue Code having equity securities registered with the Securities and Exchange Commission under section 12 of Title I of the Securities Exchange Act of 1934, 15 U.S.C. § 78l, and any other person or entity that is treated as a C corporation for federal income tax purposes, shall be treated as a corporation taxable under W. Va. Code §11‐24‐1 et seq., for purposes of this rule.

2.2.7. "Motor Vehicle" means the following classes of vehicles defined in W. Va. Code §17A‐10‐1: Class A, Class B, Class G, Class H, Class T, Class V, Class X, and all‐terrain vehicles and utility terrain vehicles as defined in W. Va. Code §20‐15‐2.

2.2.8. “Person” means and includes an individual, a trust, estate, partnership, pass‐through entity, association, company, or corporation.

2.2.9. “Personal property” shall have the same meaning as in W. Va. Code §11‐5‐1 et seq. For the purposes of this rule, the term “personal property” shall not include a working interest in any oil, natural gas, or natural gas liquid producing property or any property of a public service company.

2.2.10. “Personal property taxes paid” means the aggregate of regular levies, excess levies and bond levies extended against personal property that are timely paid during the calendar year and determined after any application of any discount for early payment of taxes. For example, if a taxpayer receives a personal property tax assessment of $200, but pays the assessment before the due date to take advantage of a discount and so pays $195 in full satisfaction of the assessment, then the “personal property taxes paid” would be the $195 actually paid, and not the $200 assessed amount. “Personal property taxes paid” does not include any untimely ad valorem property tax paid, or any payment of delinquent ad valorem property tax, or payment of “back tax” ad valorem property taxes, or any penalty or interest for late payment of property taxes. For purposes of determining personal property taxes paid, the phrase “during the calendar year” refers to the personal income tax taxable year or the corporation net income tax taxable year, whichever applies, during which the personal property taxes were paid, and does not refer to the property tax year.

2.2.11. "Public service company" means a corporation or other business entity which delivers services considered essential to the public interest that are regulated by the applicable federal or state regulatory body, including, but not limited to, businesses furnishing electricity, natural gas, telecommunications, and water, and those transporting personal property or passengers, including, but not limited to, airlines, railroads, trucking, and bus companies, and which are centrally assessed by the state for property tax purposes.

2.2.12. “Real property taxes paid” means the aggregate of regular levies, excess levies and bond levies that are timely paid during the calendar year and determined after any application of any discount for early payment of taxes. For example, if a taxpayer receives a real property tax assessment of $2,000, but pays the assessment before the due date to take advantage of a discount and so pays $1,950 in full satisfaction of the assessment, then the “real property taxes paid” would be the $1,950 actually paid, and not the $2,000 assessed amount. “Real property taxes paid” does not include any untimely ad valorem property tax paid, or any payment of delinquent ad valorem property tax, payment of supplemental assessments, or payment of “back tax” ad valorem property taxes, or any penalty or interest for late payment of property taxes. For purposes of determining real property taxes paid, the phrase “during the