Form Wv/mitc-1 - Credit For Manufacturing Investment March 2004
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2WV/MITC-1
WEST VIRGINIA STATE TAX DEPARTMENT
Rev. 03/04
Schedule MITC-1
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
…………………………………
$
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
…………………………….
$
10.
a)
Total Business Franchise Tax
………………………………………………
$
b)
Amount of Other Credits Claimed
………………………………………...
$
c)
Net Limit (10a-10b)
……………………………………………………………..
$
d)
Credit Limit (50% of 10a)
…………………………………………………….
$
e)
Amount of § 11-13D Credits Claimed
…..…………………………………
$
f)
Net § 11-13S Limit (10d – 10e)
……………………………………………….
$
g)
Manufacturing Investment Tax Credit Offset
………………………………
$
$
11.
a)
Total Corporation Net Income Tax
………………………………………
$
b)
Amount of Other Credits Claimed ………………………………………….
$
c)
Net Limit (11a-11b)
………………………………………………………….
$
d)
Credit Limit (50% of 11a)
…………………………………………………
$
e)
Amount of § 11-13D Credits Claimed
…..………………………………
$
f)
Net § 11-13S Limit (11d – 11e)
…………………………………………….
$
g)
Manufacturing Investment Tax Credit Offset ………………………………
$
12.
Total credit claimed (Lines 9g + 10g + 11g)
………………………………………
Note that the sum of credit claimed on Lines 9g, 10g, and 11g may not exceed the amount of Line 8, the total credit available. In
addition, the sum of credit claimed on Lines 9g, 10g, and 11g may not exceed 50% of the sum of the liabilities reported on Lines
9a, 10a, and 11a. This 50% also applies to the sum of all tax credits claimed under §§ 11-13S and 11-13D combined of the West
Virginia Code (i.e. Manufacturing Investment Tax Credit, Industrial Expansion and Revitalization Credit, Research and
Development Credit, Residential Housing Development Credit). Unused annual credit is forfeited.
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