Schedule Eotc-Pit - Economic Opportunity Credit Claims Against Personal Income Tax (Page 2 of 3) in pdf

EOTC-PIT

Schedule

Information and Instructions

To claim this credit, this schedule must be completed and

pass-through entity from which credit is claimed.

filed with your Personal Income Tax return (Form IT-140).

Any taxpayer completing this schedule must provide a copy

The schedule and return must be filed by the due date of the

of the schedule to the pass-through entity through which the

annual return without regard to extension of time for filing

credit is claimed.

and payment of tax due.

These instructions are not a substitute for tax statutes and

A properly completed Schedule EOTC-PIT must be

regulations. They are intended to facilitate the claiming of this

accompanied by a copy of the form WVEOTC-1 completed

credit. The statutes are codified at West Virginia Code 11-13Q

by the pass-through entity providing the Personal Income

and the regulations at 110 C.S.R. 13Q § 1, et. seq. and may

Tax credit. A copy of Federal Form 1120S, Schedule K-1 must

be obtained from the Secretary of State for a reasonable fee.

also be attached to the Schedule EOTC-PIT showing the

Questions concerning interpretation of law or these forms and

percentage of ownership by the party claiming the credit. A

instructions should be addressed to the West Virginia State

Personal Income Tax taxpayer claiming credit from more than

Tax Department.

one pass-through entity must attach these documents for each

S p e c i f i c L i n e I n s t r u c t i o n s

PART I

If West Virginia Income Tax is greater than $900 and

less than or equal to $1,575, then ETI is $25,000 plus

the quantity obtained by subtracting $900 from the

5 5

Enter the amount of the credit applied by the pass-

West Virginia Income Tax and dividing this result by

through entity for each of the taxes listed. This

0.0450;

information may be found on the Form WV/EOTC-1, in the

row for each respective tax type.

If West Virginia Income Tax is greater than $1,575 and

less than or equal to $2,775, then ETI is $40,000 plus

the quantity obtained by subtracting $1,575 from the

PART II

West Virginia Income Tax and dividing this result by

0.0600;

4 4

Each shareholder or partner is allocated the available

If West Virginia Income Tax is greater than $2,775,

credit based on their percentage of ownership of the

then ETI is $60,000 plus the quantity obtained by

pass-through entity.

subtracting $2,775 from West Virginia Income Tax and

dividing this result by 0.0650.

6 6

Equivalent West Virginia Gross Income for non-

For taxpayers with filing status 3 (married filing

resident/part-year filers.

separately):

A. Calculate equivalent taxable income (ETI).

If West Virginia Income Tax is zero, then ETI is zero.

For taxpayers with filing status 1 (single, head of

If West Virginia Income Tax is greater than zero and

household, or widow(er) with dependent child) or

less than or equal to $150, the ETI is West Virginia

filing status 2 (married filing jointly).

Income Tax divided by 0.0300;

If West Virginia Income Tax is zero, then ETI is zero;

If West Virginia Income Tax is greater than $150 and

less than or equal to $450, then ETI is $5,000 plus the

If West Virginia Income Tax is greater than zero and

quantity obtained by subtracting $150 from the West

less than or equal to $300, the ETI is West Virginia

Virginia Income Tax and dividing this result by 0.0400;

Income Tax divided by 0.0300;

If West Virginia Income Tax is greater than $450 and

If West Virginia Income Tax is greater than $300 and

less than or equal to $787.50, then ETI is $12,500 plus

less than or equal to $900, then ETI is $10,000 plus the

the quantity obtained by subtracting $450 from the

quantity obtained by subtracting $300 from the West

West Virginia Income Tax and dividing this result by

Virginia Income Tax and dividing this result by 0.0400;

0.0450;

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Schedule EOTC-PIT



Economic Opportunity Tax Credit Claims Against Personal Income Tax

Schedule Eotc-Pit - Economic Opportunity Credit Claims Against Personal Income Tax Page 2

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