Wv/bcs-Small - West Virginia Small Business Investment And Jobs Expansion Tax Credit Page 24
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28Taxable year beginning ______________________, Ending _______________________
NAME
IDENTIFICATION NUMBER
PART VI - FREE-UP CREDIT COMPUTATION SCHEDULE
NOTE: Available only to Taxpayers subject to the Minimum Severance Tax on Coal
Column 1
Column 2
Column 3
Prior to June 1, 1993
On or After June 1, 1993
TOTAL
1.
Total tons sold
+
2.
Tax:
line 1 x $.50 =
line 1 x $.75 =
3.
WV/SEV401-C Schedule A, line 1
4.
WV/SEV401-C Schedule A, line 2a plus line 2f
(11-13C credits plus Annual Exemption)
5.
Net Severance Tax (line 3 minus line 4)
6.
State portion (line 5 above x .93)
7.
NET MINIMUM TAX (line 2, Column 3 minus line 6,
if less than zero, enter zero)
8.
Line 2, Column 2 Tax Computation of Tons Sold @ $.75 divided by 3
9.
AVAILABLE FREE-UP CREDIT (The lesser of lines 7 or 8)
Enter this amount on applicable line(s), Column 12, of Tax Credit Computation Schedule
NOTE: "Free-up Credit" may be used against Business Franchise Tax, Corporation Net Income Tax and Personal Income Tax
liabilities. Any unused free-up credit must be forfeited by the taxpayer and may not be carried to any other tax year.
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Form Wv/bcs - Notice To Tax Commissioner Of Claim For West Virginia Business Investment And Jobs Expansion Tax Credit
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Parent category: Financial