Form Wv/mitc-1 - Credit For Manufacturing Investment
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3WEST VIRGINIA STATE TAX DEPARTMENT
WV/MITC-1
Schedule MITC-1
Rev. 12/05
Credit for Manufacturing Investment
Business Name _____________________________________________________ Identification Number ____________________
Tax Period ________________________ To ____________________________
COMPUTATION OF ELIGIBLE INVESTMENT
(Column 1)
(Column 2)
(Column 3)
Net Cost
Percentage
Allowable Cost
Investment
1. Expansion or Revitalization property with useful life of
4 years or more but less than 6 years.
$
33 1/3%
$
2. Expansion or Revitalization property with useful life of
6 years or more but less than 8 years.
$
66 2/3%
$
3. Expansion or Revitalization property with useful life of
8 years or more.
$
100%
$
$
4. Total Eligible Expansion or Revitalization Investment
…………………………………………………
5.
Total Potential Manufacturing Investment Tax Credit (5% of Line 4)
………………………………………
$
$
6. Available Annual Manufacturing Investment Tax Credit (10% of Line 5) (Forfeited if not used)
…………
7. Available Annual Manufacturing Investment Tax Credit from prior years (incomplete information will result
in the disalowance of the credit)
Reference Period
Original Available
Net Available
(# of years prior to
Tax Period Ending
Annual Credit
Adjustments*
Annual Credit
current tax period)
9
______________
_________________
____________ ___________
8
______________
_________________
____________ ___________
7
______________
_________________
____________ ___________
6
______________
_________________
____________ ___________
5
______________
_________________
____________ ___________
4
______________
_________________
____________ ___________
3
______________
_________________
____________ ___________
2
______________
_________________
____________ ___________
1
______________
_________________
____________ ___________
Total
*Entitlement to Manufacturing Investment Tax Credit was first available for investment placed in service or use on or after January 1, 2003.
**Adjustments, including the disposal of property or machinery before the originally stated useful life, may also result in the recapture of credit
previously claimed. See the instructions for the credit recapture provisions.
$
8. Total available Annual Manufacturing Investment Tax Credit (Line 6 plus Line 7)
………………………
$
9.
a)
Total Severance Tax
…………………………………………………………
$
b)
Amount of Other Credits Claimed
………………………………………
$
c)
Net Limit (9a-9b)
…………………………………………………………....
$
d)
Credit Limit (50% of 9a)
……………………………………………………..
$
e)
Amount of § 11-13D Credits Claimed
..…………………………………
$
f)
Net § 11-13S Limit (9d – 9e)
……………………………………………....
$
g)
Manufacturing Investment Tax Credit Offset
.....…………………………
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Form Wv/mitc-1 - Schedule Mitc-1 (for Periods Prior To January 1, 2015) - Credit For Manufacturing Investment - Wv State Tax Department
Schedule Wv/mitc-1 - Credit For Manufacturing Investment (for Periods After January 1, 2015)
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Parent category: Financial