Sch. Bcs-Pit - Business Investment And Jobs Expansion Credit Claims Against Personal Income Tax Page 2
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315.
Amount of Current Year Rebate Available for Shareholders (Line 9 less Line 12, Col. II) ........................
16.
Free-Up Credit Available to Pass-Through Entity (Form WV/BCS-1, Part VI, Line 9 less
Form WV/BCS-1, Part IV, Column 12 applied against Business Franchise Tax) .......................................
Deferred Credit Allocation (Only Applicable for Projects in the 11th to 13th Years. All Others Skip to Part II, Line 1
17.
Available Deferment Credit ..............................................................................................................................
Amount of Deferred Credit Applied
18. a.
Applied Against Business and Occupation Tax .......................................................
b.
Applied Against Severance Tax ................................................................................
c.
Applied Against Telecommunications Tax ...............................................................
d.
Applied Against Business Franchise Tax ................................................................
19. Amount of Deferred Credit Applied Total ( Sum of Lines 18a through 18d) .......................................................
20. Amount of Deferred Credit Available to Shareholders (Line 17 less Line 19) ...................................................
Part II Claiming the Credit
1.
Shareholders Ownership Percentage Expressed as Decimal to 6 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 13 times Line 1) .....................................................................
5.
Prior Year Rebate Available to Shareholder (Part I, Line 14 times Line 1) .................................................
6.
West Virginia Personal Income Tax Return Type (IT-140 or IT-140NR/PY) .................................................
7.
West Virginia Income for Credit Purposes
(IT-140 Filers use West Virginia Adjusted Gross Income; IT-140NR/PY Filers Must
Calculate an Equivalent West Virginia Gross Income Following the Enclosed Instructions) .....................
8.
Qualified Income Fraction (Express as Decimal to 6 Places; Not greater than 1.0;
Line 3 divided by Line 7) ..................................................................................................................................
9.
West Virginia Income Tax (From Form IT-140 or Form IT-140NR/PY) .......................................................
10.
Tax Attributable to the Qualified Business (Line 9 times Line 8) ..................................................................
11.
Payroll Factor (Part I, Line 3) ..........................................................................................................................
12.
Tax Attributable to Investment (Line 10 times Lines 11) ...............................................................................
.800
13.
Personal Income Tax Offset Factor ................................................................................................................
14.
Tax Subject to Credit (Line 12 times Line 13) ................................................................................................
15.
Amount of Credit Applied (Lesser of Line 4 or Line 14) ................................................................................
16.
Tax Subject to Rebate (Line 12 less Line 14) ................................................................................................
17.
Amount of Prior Year Rebate Applied (Lesser of Line 5 or Line 16) ............................................................
18.
Amount of Current Year Credit Applied as Rebate (Enter the Smallest of the Following:
Remaining Tax Subject to Rebate (Line 16 less Line 17); or Remaining Credit Available to
Shareholders (Line 4 less Line 15), or Amount of Current Year Rebate Available to Shareholder
(Part I, Line 15 times Line 1)) ..........................................................................................................................
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