WEST VIRGINIA CODE











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WVC 5 B- 2 E- 7 A

§5B-2E-7a. Amount of credit allowed for tourism development

expansion project; approved projects.

     (a) Approved companies are allowed a credit against the West

Virginia consumers sales and service tax imposed by article

fifteen, chapter eleven of this code and collected by the approved

company on sales generated by or arising from the operations of the

tourism development expansion project: Provided, That the tourism

development expansion project tax credit allowed under this section

is separate and distinct from any credit allowed for a tourism

development project in accordance with the provisions of section

seven of this article: Provided, however, That if the consumers

sales and service tax collected by the approved company is not

solely attributable to sales resulting from the operation of the

tourism development expansion project, the credit shall only be

applied against that portion of the consumers sales and service tax

collected in excess of the base tax revenue amount. The amount of

this credit is determined and applied as provided in this article.

     (b) The maximum amount of credit allowable in this article is

equal to twenty-five percent of the approved company's approved

costs as provided in the agreement: Provided, That, if the tourism

development expansion project site is located within the permit

area or an adjacent area of a surface mining operation, as these

terms are defined in section three, article three, chapter twenty-

two of this code, from which all coal has been or will be extracted prior to the commencement of the tourism development project, or

the tourism development project site is located on or adjacent to

recreational property owned or leased by the state or federal

government and when the project is located on property owned or

leased by the state or federal government, the project has received

prior approval from the appropriate state or federal agency, the

maximum amount of credit allowable is equal to thirty-five percent

of the approved company's approved costs as provided in the

agreement.

     (c) The amount of credit allowable must be taken over a ten-

year period, at the rate of one tenth of the amount thereof per

taxable year, beginning with the taxable year in which the project

is opened to the public, unless the approved company elects to

delay the beginning of the ten-year period until the next

succeeding taxable year. This election shall be made in the first

consumers sales and service tax return filed by the approved

company following the date the project is opened to the public.

Once made, the election cannot be revoked.

     (d) The amount determined under subsection (b) of this section

is allowed as a credit against the consumers sales and service tax

collected by the approved company on sales from the operation of

the tourism development expansion project. The amount determined

under said subsection may be used as a credit against taxes

required to be remitted on the approved company's monthly consumers sales and service tax returns that are filed pursuant to section

sixteen, article fifteen, chapter eleven of this code. The

approved company shall claim the credit by reducing the amount of

consumers sales and service tax required to be remitted with its

monthly consumers sales and service tax returns by the amount of

its aggregate annual credit allowance until such time as the full

current year annual credit allowance has been claimed. Once the

total credit claimed for the tax year equals the approved company's

aggregate annual credit allowance no further reductions to its

monthly consumers sales and service tax returns will be permitted.

     (e) If any credit remains after application of subsection (d)

of this section, the amount of credit is carried forward to each

ensuing tax year until used or until the expiration of the third

taxable year subsequent to the end of the initial ten-year credit

application period. If any unused credit remains after the

thirteenth year, that amount is forfeited. No carryback to a prior

taxable year is allowed for the amount of any unused portion of any

annual credit allowance.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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