Schedule I - Industrial Expansion Or Revitalization Credit - Other Than Electric Power Producers For Qualified Investment Placed Service On Or Before December 31, 2002 Page 4
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4Sch. I
Schedule I
Rev. 1/06
Credit for Industrial Expansion or Revitalization – Other than Electric Power Producers
For Qualified Investment Placed Into Service on or Before December 31, 2002
Business Name ___________________________________ Identification Number ___________________________
Tax Period____________________ To ____________________
Computation of Eligible Investment (Note: Investment placed in service or use on or after January 1, 2003 is not eligible for new Industrial Expansion
and/or Revitalization Credit entitlement. Calculation of credit for investment placed in service or use after January 1, 2003 will be disallowed.)
(Column 1)
(Column 2)
(Column 3)
Net Cost
Percentage
Allowable Cost
Investment
1.
Expansion or Revitalization property with useful life of
$ _____________
33 1/3%
$______________
4 years or more but less than 6 years
2.
Expansion or Revitalization property with useful life of
$ _____________
66 2/3%
$______________
6 years or more but less than 8 years
3.
Expansion or Revitalization property with useful life of
$ _____________
100%
$______________
8 years or more
4.
Total Eligible Expansion or Revitalization Investment
$______________
5.
Total Potential Expansion Credit (10% of Line 4)………………………………………………………………………………..…………. $_____________
6.
Available Annual Expansion Credit (10% of Line 5) (Forfeited if not used)………………………………………………………………$_____________
7.
Available Annual Expansion or Revitalization Credit from prior years (incomplete information will result in the disallowance of the credit)
Reference Period
(Number of Years
Original Available
Net Available
Prior to Current
Tax Period)
Tax Period Ending*
Annual Credit
Adjustments**
Annual Credit
9
______________
_________________
____________
___________
8
______________
_________________
____________
___________
7
______________
_________________
____________
___________
6
______________
_________________
____________
___________
5
______________
_________________
____________
___________
4
______________
_________________
____________
___________
3
______________
_________________
____________
___________
2
______________
_________________
____________
___________
1
______________
_________________
____________
___________
Total
___________
*New entitlement to Industrial Expansion and/or Revitalization Tax Credit is not available for investment placed in service or use on or after January 1,
2003.
**Adjustments, including the disposal of property or machinery before the originally stated useful life, may also result in the recapture of credit previously
claimed. See the instructions for the credit recapture provisions.
8.
Total available Annual Expansion or Revitalization Credit (Line 6 plus Total from Line 7)…………………………………………… $_____________
9.
a)
Total Business Franchise Tax…………………………………………………………………..
$_____________
Manufacturers
b)
Amount of Other Credits Claimed………………………………………………………………
$_____________
c)
Net Limit (9a-9b)………….……………………………………………………………………...
$_____________
d)
Credit Limit (50% of 9a)…………………………………………………………………………
$_____________
e)
Amount of Other §11-13D Credits Claimed.………………………………………………….
$_____________
f)
Net §11-13D Limit (9d-9e)…………………………………………………………………….…
$_____________
g)
Industrial Expansion or Revitalization Credit Offset………..………………………………..
$_____________
Natural Resource
10.
a)
Total Severance Tax…………………………………………………………………..………..
$_____________
Processors
b)
Amount of Other Credits Claimed………………………………………………………………
$_____________
c)
Net Limit (10a-10b)…………………………………………………………………….………..
$_____________
d)
Credit Limit (50% of 10a)………………………………………………………………………..
$_____________
e)
Amount of Other §11-13D Credits Claimed……………………………………….………….
$_____________
f)
Net §11-13D Limit (10d-10e)…………………………………………………………………...
$_____________
g)
Industrial Expansion or Revitalization Credit Offset………………………………………….
$_____________
11.
Total credit claimed lines 9g + 10g ………………………………………………….
$_____________
Note that the sum of credit claimed on Lines 9g, and 10g may not exceed 50% of the sum of the liabilities reported on Lines 9a and 10a. This 50% also
applies to the sum of all tax credits claimed under § 11-13D and of the West Virginia Code (i.e. Research and Development Credit, Residential Housing
Development Credit). Unused annual credit is forfeited.
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