Form Wv/ag-1 - Environmental Agricultural Equipment Tax Credit
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3WEST VIRGINIA
Form WV/AG-1
ENVIRONMENTAL AGRICULTURAL EQUIPMENT TAX CREDIT
Orig 6/97
Business Name _________________________________ WV Tax Identification Number __________________________
Tax Period ______________________ To _____________________
PART 1
ELIGIBLE PURCHASES
Date placed into
use or service
Description
Cost
Total eligible purchases during the taxable year (Add costs above).............................................
PART 2
CLAIMING THE CREDIT
CORPORATIONS
SUMMARY OF TOTAL CREDIT AVAILABLE FOR CURRENT TAXABLE YEAR
1
Available credit from this year (25% of total eligible purchases from Part 1)....................
2
Excess credit carried forward from previous years
Year of Purchase
Excess amount carried forward
5th preceding year
4th preceding year
3rd preceding year
2nd preceding year
1st preceding year
3
TOTAL credit carried forward from previous years..........................................................
FIGURING THE CREDIT
4
West Virginia corporate net income tax .........................................................................
5
Gross income from agricultural operations in West Virginia............................................
6
Gross income from all operations everywhere................................................................
7
Eligible income ratio (line 5 divided by line 6. State as a decimal. Not more than 1.0)....
8
West Virginia net income tax eligible for credit (line 4 multiplied by line 7).....................
9
Other tax credits claimed against liability on return (except Capital Company Credit).....
10
Adjusted West Virginia corporate net income tax liability (line 8 minus line 9. If zero or
less, enter -0-.)..............................................................................................................
11
Excess credit from last five years (Enter amount from line 3, Part 2)..............................
12
Amount of credit carried forward from previous years and applied this year
(lesser of line 10, $2,500.00, or line 11)..........................................................................
13
Remaining tax liability (line 10 minus line 12).................................................................
14
Maximum credit left to apply ($2,500.00 minus line 12. If zero or less, enter -0-)............
15
Amount of current years credit applied (lesser of line 13 or line 14 or line 1)...................
16
Total credit applied this year (Sum of lines 12 and 15)....................................................
CALCULATION OF CREDIT AVAILABLE TO CARRYOVER TO THE NEXT FIVE YEARS
17
Excess credit from current year available to carryover (line 1 minus line 15)...................
18
Excess credit from previous years available to carryover
Column 1
Column 2
Column 3
Year
Excess amount
Amount used
Excess available
carried forward
this year
to carryover
(Col. 1 minus Col. 2)
5th preceding year
____
____________
_____________
____Forfeited____
4th preceding year
____
____________
_____________
________________
3rd preceding year
____
____________
_____________
________________
2nd preceding year
____
____________
_____________
________________
1st preceding year
____
____________
_____________
________________
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