Schedule Eotc-Pit - Economic Opportunity Credit Claims Against Personal Income Tax

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Schedule
ECONOMIC OPPORTUNITY CREDIT
EOTC-PIT
CLAIMS AGAINST PERSONAL INCOME TAX
Rev. 08-12
Tax Period
From:
To:
MM
DD
YYYY
MM
DD
YYYY
Taxpayer’s first name
Last name
Your social security number
Spouse’s first name (if joint return)
Spouse’s last name (only if different from name
given above)
Spouse’s Social Security Number
Present home address
City
State
Zip code
Your telephone number
P
I — P
-t
E
C
C
art
ass
hrough
ntIty
rEdIt
alCulatIon
1. a. Pass-through entity name...........................................................................................................................................
b. Pass-through entity FEIN............................................................................................................................................
/
/
c. Pass-through entity tax year (enter ending month, day, and year)..............................................................................
2. West Virginia apportionment factor of the pass-through entity (express as a decimal to six places; from Form SPF-100)................................
3. Project payroll factor expressed as decimal to six places (Form WV/EOTC-1, 5b)............................................................................................
4. Total credit available this year (Form WV/EOTC-1, 8)........................................................................................................................................
Amount of Credit Applied
5. a. Business and Occupation Tax (Form WV/EOTC-1, 7B)..............................................................................................
b. Business Franchise Tax (Form WV/EOTC-1, 7B).......................................................................................................
c. Corporate Net Income Tax (Form WV/EOTC-1, 7B)...................................................................................................
6. Amount of credit applied total (sum of lines 5a through 5c)...............................................................................................................................
7. Amount of credit remaining (Line 4 less line 6)..................................................................................................................................................
P
II — C
C
art
laImIng thE
rEdIt
1. Shareholders Ownership Percentage Expressed as Decimal to six places (from Federal Form 1120S, Schedule K-1)....................................
2. Shareholders Ordinary Income From the Pass-Through Entity (from Federal Form 1120S, Schedule K-1)......................................................
3. West Virginia Apportioned Shareholders Ordinary Income (Part I, line 2 times Part II, line 2)............................................................................
4. Credit available to shareholder (Part I, line 7 times line 1)..................................................................................................................................
5. West Virginia Personal Income Tax filer (check one):
Resident
Non-resident/Part-Year resident
Other.........
6. West Virginia Income for credit purposes (IT-140 filers use West Virginia adjusted gross income; other filers must calculate an equivalent
West Virginia gross income following the enclosed instructions).........................................................................................................................
7. Qualified income fraction (express as decimal to six places; not greater than 1.0; line 3 divided by line 6).......................................................
8. West Virginia Income Tax....................................................................................................................................................................................
9. Tax attributable to qualified business (Line 8 times line 7)..................................................................................................................................
10. Payroll factor (Part I, line 3)................................................................................................................................................................................
11. Tax attributable to investment (line 9 times line 10)...........................................................................................................................................
12. Personal Income Tax offset factor (enter 0.80 unless new jobs have high median value [see instructions for additional information and
reporting requirements])...................................................................................................................................................................................
13. Tax subject to credit offset (line 11 times line 12).............................................................................................................................................
14. Amount of tax credit applied (lesser of Part II, line 4 or line 13)........................................................................................................................

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