Schedule Bcs-Pit - Business Investment And Jobs Expansion Credit Claims Against Personal Income Tax Page 3
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4INSTRUCTIONS FOR SCHEDULE BCS-PIT
GENERAL INSTRUCTIONS - APPLICATION OF CREDIT TO PERSONAL INCOME TAX
To claim this credit, this schedule must be completed and filed with your Personal Income Tax return (IT-140 or
IT-140NR/PY). The schedule and return must be filed by the due date of the annual return without regard to extension of
time for filing and payment of tax due.
A properly completed Schedule BCS-PIT must be accompanied by a copy of the form WV/BCS-1 completed by the
pass-through entity providing the Personal Income Tax credit. A copy of Federal Form 1120, Schedule K-1 must also be
attached to the Schedule BCS-PIT showing the percentage of ownership by the party claiming the credit. A Personal Income
Tax taxpayer claiming credit from more than one pass-through entity must attach these documents for each pass-through
entity from which credit is claimed.
Any taxpayer completing this schedule must provide a copy of the schedule to the pass-through entity through which the
credit is claimed.
These instructions are not a substitute for tax statutes and regulations. They are intended to facilitate the claiming of this
credit. The statutes are codified at West Virginia Code 11-13C, and the regulations at 110 C.S.R. 13C § 1, et. seq. and may
be obtained from the Secretary of State for a reasonable fee. Questions concerning interpretation of law or these forms and
instructions should be addressed to the Tax Division.
SPECIFIC LINE INSTRUCTIONS
Part I
Line 5.
Enter the amount of the credit applied by the pass-through entity for each of the taxes listed. This information may
be found on the Form WV/BCS-1, Part IV, Column 5, in the row for each respective tax type.
Line 11. The pass-through entity must apply all of any available rebate from prior tax years before the application of any
available rebate from the current tax year. This information may be found on the Form WV/BCS-1, Part IV,
column 7, in the row for each respective tax type.
Line 13. The amount of credit remaining for application by all shareholders or partners against their respective Personal
Income Tax liabilities is equal to the total amount of current year credit available, less the amount of current year
credit applied to the four taxes having precedence over the Personal Income Tax for credit purposes, less the
amount of current year credit applied as rebate against the four taxes having precedence over the Personal
Income Tax for credit purposes.
Line 16. The free-up credit is only available to those pass-through entities subject to the Minimum Severance Tax on Coal.
Part II
Line 4.
Each shareholder or partner is allocated the available credit based on their percentage of ownership of the pass-
through entity.
Line 7.
Equivalent West Virginia Gross Income for IT-140NR/PY filers.
A.
Calculate equivalent taxable income (ETI).
1.
For taxpayers with filing status 1 (i.e. married filing jointly, single, head of household, or widow(er) with
dependent child).
If West Virginia Income Tax is zero, then ETI is zero;
If West Virginia Income Tax is greater than zero and less than or equal to $300, the ETI is West
Virginia Income Tax divided by 0.3000;
If West Virginia Income Tax is greater than $300 and less than or equal to $900, then ETI is $10,000
plus the quantity obtained by subtracting $300 from the West Virginia Income Tax and dividing this
result by 0.4000;
If West Virginia Income Tax is greater than $900 and less than or equal to $1,575, then ETI is $25,000
plus the quantity obtained by subtracting $900 from the West Virginia Income Tax and dividing this
result by 0.0450;
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