Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit Page 6
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7PART 3
CLAIMING THE CREDIT
SOLE PROPRIETORS
SUMMARY OF TOTAL CREDIT AVAILABLE FOR CURRENT TAXABLE YEAR
1
Available credit from this year (25% of total eligible purchases from Part 1)....................
2
Excess credit carried forward from previous years
Year of Purchase
Excess amount carried forward
5th preceding year
4th preceding year
3rd preceding year
2nd preceding year
1st preceding year
3
TOTAL credit carried forward from previous years..........................................................
FIGURING THE CREDIT
4
West Virginia personal income tax liability ....................................................................
5
Federal AGI attributable to agricultural operations in West Virginia.................................
6
Federal AGI...................................................................................................................
7
Eligible income ratio (line 5 divided by line 6. State as a decimal. Not more than 1.0)....
8
West Virginia income tax eligible for credit (line 4 multiplied by line 7)...........................
9
Other tax credits claimed against liability on return (except Capital Company Credit).....
10
Adjusted West Virginia personal income tax liability (line 8 minus line 9. If zero or less,
enter -0-)........................................................................................................................
11
Excess credit from last five years (Enter amount from line 3, Part 3)..............................
12
Amount of credit carried forward from previous years and applied this year
(lesser of line 10, $2,500.00, or line 11)..........................................................................
13
Remaining tax liability (line 10 minus line 12).................................................................
2,500.00
14
Maximum credit left to apply ($2,500.00 minus line 12. If zero or less, enter -0-)............
15
Amount of current years credit applied (lesser of line 13 or line 14 or line 1)...................
16
Total credit applied this year (Sum of lines 12 and 15)....................................................
CALCULATION OF CREDIT AVAILABLE TO CARRYOVER TO THE NEXT FIVE YEARS
17
Excess credit from current year available to carryover (line 1 minus line 15)...................
18
Excess credit from previous years available to carryover
Column 1
Column 2
Column 3
Year
Excess amount
Amount used
Excess available
carried forward
this year
to carryover
(Col. 1 minus Col. 2)
5th preceding year
____
____________
_____________
____Forfeited____
4th preceding year
____
____________
_____________
________________
3rd preceding year
____
____________
_____________
________________
2nd preceding year
____
____________
_____________
________________
1st preceding year
____
____________
_____________
________________
PART 4
CLAIMING THE CREDIT
PARTNERS, SHAREHOLDERS AND MEMBERS
IDENTIFICATION OF PASS-THROUGH ENTITY
Name
WV Tax Identification Number
Type of Pass-through Entity(Check One):
S Corporation
Partnership
Limited Liability Co.
SUMMARY OF TOTAL CREDIT AVAILABLE FOR CURRENT TAXABLE YEAR
1.
Available credit from this year (25% of total eligible purchases from Part 1)....................
2.
Your percentage of ownership of the pass-through entity (state as a decimal)..........................
3.
Your share of the available credit (line 1 multiplied by line 2)..........................................
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