Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit Page 3
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7WEST VIRGINIA
ENVIRONMENTAL AGRICULTURAL EQUIPMENT TAX CREDIT
INSTRUCTIONS FOR COMPLETING FORM WV/AG-1
These instructions, the general information provided, and the credit form are not a substitute for tax laws and regulations.
They are intended to help you claim this tax credit. Specific situations requiring interpretation of the law and regulations
should be addressed to the West Virginia Tax Commission.
Corporations
claiming the Environmental Agricultural Equipment
Line 5. Only that portion of your net income tax attributable to
Tax Credit must complete Part 1, Part 2, and Part 5 of Form WV/
agricultural operations in West Virginia can be offset by the credit.
AG-1 to properly claim the credit.
Enter the amount of gross income derived from agricultural opera-
tions in West Virginia. If the result of your agricultural operations
Sole Proprietors
in West Virginia for the current taxable year is a net operating loss,
must complete Part 1, Part 3, and Part 5 to
you are not eligible to claim the credit for the current taxable year.
properly claim the credit.
Line 7. Divide line 5 by line 6 and enter the result as a decimal
Shareholders, partners, and members of pass-through
carried to four places. This amount cannot be more than 1.0. If
entities
must work together with the pass-through entity to claim
the result of this division is a negative figure, you have no tax at-
this credit. The pass-through entity must provide the information
tributable to the agricultural operation in West Virginia for the cur-
necessary to complete this form and claim the credit. The pass-
rent taxable year and cannot claim the credit for the current year.
through entity must complete or provide the information needed to
complete Part 1. The shareholders, partners, and members of
Line 9. If you are eligible to claim other tax credits, you must apply
pass-through entities then complete Part 4 and Part 5 based upon
them to your tax liability before applying the Environmental Agri-
their individual and separate information.
cultural Equipment Tax Credit. This is true for all other credits
except the Capital Company Credit. The Capital Company Credit
PART 1 - ELIGIBLE PURCHASES
would be calculated after applying all other credits, including the
Environmental Agricultural Equipment Tax Credit.
Enter the date during the current taxable year that each structure
Line 16. Transfer this figure to the appropriate line item on Sum-
or item of qualified agricultural equipment was placed into use or
mary Schedule TC that is attached to your corporate income tax
service.
return.
For each item, briefly describe the type of qualified agricultural
Line 18. For Column 1, enter the same amount as entered on Line
equipment or structure that has been put into use or service.
2 for each year. For Column 2, take the amount from line 12 and
apply it down the column in the order listed, offsetting the amount(s)
Enter the total purchase price of all certified expenditures for the
shown in Column 1. If the amount from line 12 is fully used against
qualified agricultural equipment or structure. Only expenditures
the 5th preceding year, stop. If not, proceed to the next year. Con-
made during the current taxable year qualify for the credit.
tinue in this manner for each of the other years if an amount re-
mains. Complete Column 3, by subtracting the Column 2 amount
Attach to the form the appropriate proof of purchase and written
from the Column 1 amount for each year. These are the amounts
certification for each item qualifying for the credit. Forms without
that you have available to carry forward to the next taxable year.
the appropriate documentation will result in the denial of the tax
Any excess amount from the 5th preceding year is forfeited.
credit.
PART 2 - CORPORATIONS
PART 3 - SOLE PROPRIETORS
Line 2. When claiming the credit, any unused (excess) credit from
Line 2. When claiming the credit, any unused (excess) credit from
any of the preceding five years must be claimed before using any
any of the preceding five years must be claimed before using any
credit generated from purchases made during the current taxable
credit generated from purchases made during the current taxable
year. Document your excess credit carried forward from previous
year. Document your excess credit carried forward from previous
years by entering the date that the credit was first established in
years by entering the date that the credit was first established in
the column titled "Year of Purchase" and by entering the amount of
the column titled "Year of Purchase" and by entering the amount of
credit carried forward from last year in the appropriate column.
credit carried forward from last year in the appropriate column.
For example, the amount entered for the 1st preceding year is the
For example, the amount entered for the 1st preceding year is the
same as the amount entered on line 17 of the form filed last year.
same as the amount entered on line 17 of the form filed last year.
Further, the amount to be entered for the 2nd preceding year would
Further, the amount to be entered for the 2nd preceding year would
be the same amount entered on line 18, column 3, under 1st pre-
be the same amount entered on line 18, column 3, under 1st pre-
ceding year on the form filed last year, and so on.
ceding year on the form filed last year, and so on.
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