Page 6

110CSR21H

5 subsections 4.2.1., and 4.2.2., the taxpayer does not need to provide that documentation for subsequent tax years unless the discharge status or disability has changed, or additional information is requested by the Tax Commissioner.

4.4. For purposes of this credit, a “qualified veteran’s homestead” is used and occupied exclusively for residential purposes by the qualified disabled veteran or an eligible widowed spouse that owns it and is Class II property as described in W.Va. Code §11‐8‐5. The homestead must be used as an abode, dwelling, or habitat for more than six consecutive months of the calendar year; and the property must be used only as an abode, dwelling or habitat to the exclusion of any commercial use. The requirement that the property is used as an abode, dwelling or habitat for more than six consecutive months of the calendar year means that the disabled veteran can claim only one property as their homestead during any taxable year.

4.5. Amount of credit. The amount of the credit is the amount of West Virginia ad valorem real property tax timely paid on the qualified veteran’s homestead or an eligible widowed spouse during the veteran’s personal income tax year. The payment must have been timely made, meaning that it must be received by the county sheriff on or before the due date for paying the tax. Payments made that are untimely, delinquent, or for “back taxes” are not allowed to be used for purposes of the disabled veteran real property tax credit.

4.6. Refundable nature of the credit. If the amount of the annual tax credit exceeds the amount of the qualified disabled veteran’s or an eligible widowed spouse’s income tax, then the taxpayer may claim the excess amount as a refundable tax credit. A qualified disabled veteran taxpayer or an eligible widowed spouse must file a personal income tax return to claim the refundable credit, even if the taxpayer owes no income tax for the relevant income tax year. However, any refundable tax credit amount is subject to offset, meaning that the amount refunded may be reduced by the amount of any other tax owed by the same taxpayer, pursuant to W. Va. Code §11‐10‐11(j).

4.7. Termination of the credit. The disabled veteran real property tax credit is terminated upon the occurrence of any of the following:

4.7.1. Death of the qualified disabled veteran owner of the property for which property taxes were paid: Provided, That an eligible widowed spouse may continue to receive the tax credit until his or her death or remarriage;

4.7.2. Sale of the qualified veteran’s homestead;

4.7.3. A determination from the Department of Veterans Affairs that the disabled veteran owner no longer qualifies; or

4.7.4. A determination by the county assessor that the property for which the tax credit was approved no longer qualifies for the tax credit.

§110‐21H‐5. Small Business Property Tax Adjustment Credit.

5.1. Definitions. For the purposes of the small business property tax adjustment credit, the following terms are defined:

5.1.1. “Aggregate appraised value” means the true and actual value of all property in the state owned by the eligible taxpayer including the true and actual value of all property in the state owned by any related entity. For the purpose of this definition, all appraised property will be included into the appraised