Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit Page 4
Download a blank fillable Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7Line 5. Only that portion of your personal income tax attributable
pass-through entity for the current taxable year is a net operating
to agricultural operations in West Virginia can be offset by the credit.
loss, you are not eligible to claim the credit for the current taxable
Enter the amount of your federal adjusted gross income (AGI) that
year.
is derived from agricultural operations in West Virginia. If the re-
sult of your agricultural operations in West Virginia for the current
Line 7. Enter the total West Virginia agricultural income of the
taxable year is a net operating loss, you are not eligible to claim
pass-through entity. This information must be obtained from and
the credit for the current taxable year.
provided by the pass-through entity. Pass-through entities making
qualified investments resulting in this credit must provide this in-
Line 7. Divide line 5 by line 6 and enter the result as a decimal
formation to their shareholders, partners, and members.
carried to four places. This amount cannot be more than 1.0. If
the result of this division is a negative figure, you have no tax at-
Line 8. Enter the total income of the pass-through entity. This
tributable to the agricultural operation in West Virginia for the cur-
information must be obtained from and provided by the pass-
rent taxable year and cannot claim the credit for the current year.
through entity. Pass-through entities making qualified investments
Line 9. If you are eligible to claim other tax credits, you must apply
resulting in this credit must provide this information to their share-
them to your tax liability before applying the Environmental Agri-
holders, partners, and members.
cultural Equipment Tax Credit. This is true for all other credits
except the Capital Company Credit. The Capital Company Credit
Line 11. You must further reduce your distributive share resulting
would be calculated after applying all other credits, including the
from the West Virginia agricultural operations of the pass-through
Environmental Agricultural Equipment Tax Credit.
entity creating this credit by determining how much of it is actually
reported on your federal income tax return. If the amount of the
Line 16. Transfer this figure to the appropriate line item on your
distributive share from the pass-through entity actually reported on
personal income tax return.
your federal income tax return is zero or less, you are not eligible to
Line 18. For Column 1, enter the same amount as entered on Line
claim the credit for the current taxable year. Enter the amount of
2 for each year. For Column 2, take the amount from line 12 and
your distributive share from the pass-through entity that is actually
apply it down the column in the order listed, offsetting the amount(s)
reported on your federal income tax return.
shown in Column 1. If the amount from line 12 is fully used against
the 5th preceding year, stop. If not, proceed to the next year. Con-
Line 15. Divide line 14 by line 15 and enter the result as a decimal
tinue in this manner for each of the other years if an amount re-
carried to four places. This amount cannot be more than 1.0. If
mains. Complete Column 3, by subtracting the Column 2 amount
the result of this division is a negative figure, you have no tax at-
from the Column 1 amount for each year. These are the amounts
tributable to the agricultural operation in West Virginia for the cur-
that you have available to carry forward to the next taxable year.
rent taxable year and cannot claim the credit for the current year.
Any excess amount from the 5th preceding year is forfeited.
Line 17. This is the amount of your income tax liability that is at-
tributable to the pass-through entity's agricultural operations in West
PART 4 - PARTNERS, SHAREHOLDERS, AND
Virginia.
MEMBERS OF PASS-THROUGH ENTITIES
Line 18. If you are eligible to claim other tax credits, you must
apply them to your tax liability before applying the Environmental
Agricultural Equipment Tax Credit. This is true for all other credits
NOTE: The amount entered in Part 1 should be for the entire
except the Capital Company Credit. The Capital Company Credit,
pass-through entity. The pass-through entity must disclose this
would be calculated after applying all other credits, including the
information to their partners, shareholders, or members as the case
Environmental Agricultural Equipment Tax Credit.
may be and provide them with copies of the written certification of
qualification and proof of purchase and installation.
Line 25. Transfer this figure to the appropriate line item on your
personal income tax return.
Line 3. The amount entered on line 1 represents the credit avail-
able at the pass-through entities level. The calculation on lines 2
Line 27. For Column 1, enter the same amount as entered on Line
and 3 allocate the credit to the shareholder, partner, or member .
2 for each year. For Column 2, take the amount from line 21 and
apply it down the column in the order listed, offsetting the amount(s)
Line 4. When claiming the credit, any unused (excess) credit from
shown in Column 1. If the amount from line 21 is fully used against
any of the preceding five years must be claimed before using any
the 5th preceding year, stop. If not, proceed to the next year. Con-
credit generated from purchases made during the current taxable
tinue in this manner for each of the other years if an amount re-
year. Document your excess credit carried forward from previous
mains. Complete Column 3, by subtracting the Column 2 amount
years by entering the date that the credit was first established in
from the Column 1 amount for each year. These are the amounts
the column titled "Year of Purchase" and by entering the amount of
that you have available to carry forward to the next taxable year.
credit carried forward from last year in the appropriate column.
Any excess amount from the 5th preceding year is forfeited.
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.
Further, the amount to be entered for the 2nd preceding year would
PART 5 - CERTIFICATION/SIGNATURE
be the same amount entered on line 18, column 3, under 1st pre-
ceding year on the form filed last year, and so on.
The credit schedule must be certified by the taxpayer. Any person
Line 6. Enter your distributive share from the pass-through entity
authorized by the taxpayer to make and file tax returns may sign
creating the credit. Only that portion of your distributive share
this form. The signer should carefully read the certification and
from the pass-through entity attributable to the agricultural opera-
review the form and attachments for correctness, completion, and
tions of the pass-through entity in West Virginia can be used as a
veracity. An unsigned credit schedule will result in the denial of the
basis for calculating the credit. If your distributive share from the
credit.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Schedule Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit Information And Instructions
Financial
Form Wv/fiia-tcs - West Virginia Film Industry Investment Tax Credit - West Virginia State Tax Department
Financial
Form Wv/bcs-1 - West Virginia Business Investment And Jobs Expansion Tax Credit Or Corporate Headquarters Relocation Credit
Financial
Related Categories
Parent category: Financial