Form Wv-Sp-1 - New Steel Manufacturing Operation Tax Credit Schedule Template (Page 2 of 2) in pdf

Part 3 - Corporation Net Income Tax Calculations

12. Total Remaining Credit (Line 5 minus Line 11) .......................................................................

13. Total Corporation Net Income Tax Liability After All Other Tax Credits ...................................

14. Total Eligible Corporation Net Income Tax Liability (Line 8 times Line 13) ...............................

15. Total Value-Added Steel Products Credit (Lesser of Line 12 or Line 14) .................................

Part 4 - Sole Proprietor Calculations For Personal Income Tax

16. Federal Adjusted Gross Income Attributable To New Value-Added Steel Products .................

17. Federal Adjusted Gross Income .............................................................................................

18. Eligible Income Ratio (Line 16 divided by Line 17. State as a decimal. Not more than 1.0) ......

19. Total Personal Income Tax Liability After All Other Tax Credits ..............................................

20. Total Eligible Personal Income Tax Liability (Line 18 times Line 19) ........................................

21. Total Value-Added Steel Products Credit (Lesser of Line 5 or Line 20) ...................................

Part 5 - Partners, Shareholders and Members Calculations

Personal Income Tax/Corporation Net Income Tax As Applicable

22. Distributive Share From Pass-Through Entity .........................................................................

23. Total West Virginia Gross Income of Pass-Through Entity From

New Value-Added Steel Products ..........................................................................................

24. Total Gross Income Everywhere Of pass-through entity .........................................................

25. Eligible Pass-Through Entity Income Ratio (Line 23 divided by Line 24.

State as a decimal. Not more than 1.0) ..................................................................................

26. Tentative Distributive Share Eligible For Credit (Line 22 times Line 25) ...................................

27. Total Distributive Income From Pass-Through Entity Reported On Your Tax Return ...............

28. Federal AGI Or Federal Taxable Income, As Applicable .........................................................

29. Distributive Eligible Income Ratio (Line 27 divided by Line 28.

State as a decimal. Not more than 1.0) ..................................................................................

30. Reported Distributive Share Eligible For Credit (Line 26 times Line 29) ...................................

31. Eligible Income Ratio (Line 30 divided by Line 28. State as a decimal. Not more than 1.0) ......

32. West Virginia Income Tax Liability ..........................................................................................

33. West Virginia Income Tax Eligible For Credit (Line 31 times Line 32) ......................................

34. Other Tax Credits Claimed Against Liability On Return ...........................................................

35. Adjusted West Virginia Income Tax Liability (Line 33 minus Line 34.

If zero or less, enter zero) ......................................................................................................

36. Total Remaining Credit From Pass-Through Entity .................................................................

37. Percentage Of Ownership Of Pass-Through Entity (State as a decimal) .................................

38. Distributee Share Of Remaining Credit (Line 36 times Line 37) ...............................................

39. Total Value-Added Steel Products Credit (Lesser of Line 35 or Line 38) .................................

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Form Wv-Sp-1 - New Steel Manufacturing Operation Tax Credit Schedule Template Page 2