Form Wv/ag-1 - West Virginia Environmental Agricultural Equipment Tax Credit Page 7
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7PART 4 CONTINUED
PARTNERS, SHAREHOLDERS AND MEMBERS
4.
Your 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
5
TOTAL credit carried forward from previous years..........................................................
FIGURING THE CREDIT
6
Distributive share from pass-through entity.....................................................................
7
Total West Virginia agricultural income of pass-through entity.........................................
8
Total income of pass-through entity.................................................................................
9
Eligible pass-through entity income ratio (line 7 divided by line 8. State as a decimal)....
10
Tentative distributive share eligible for credit (line 6 multiplied by line 9).........................
11
Total distributive income from pass-through entity reported on your tax return................
12
Federal AGI or Federal taxable income, as applicable....................................................
13
Distributee eligible income ratio (line 11 divided by line 12. State as a decimal).............
14
Reported distributive share eligible for credit (line 10 multiplied by line 13).....................
15
Eligible income ratio (line 14 divided by line 12. State as a decimal. Not more than 1.0).
16
West Virginia income tax liability....................................................................................
17
West Virginia income tax eligible for credit (line 15 multiplied by line 16)........................
18
Other tax credits claimed against liability on return (except Capital Company Credit).....
19
Adjusted West Virginia income tax liability (line 17 minus line 18. If zero or less,
enter -0-)........................................................................................................................
20
Excess credit from last five years (Enter amount from line 5, Part 4)..............................
21
Amount of credit carried forward from previous years and applied this year
(lesser of line 19, $2,500.00, or line 20)..........................................................................
22
Remaining tax liability (line 19 minus line 21).................................................................
2,500.00
23
Maximum credit left to apply ($2,500.00 minus line 21. If zero or less, enter -0-)............
24
Amount of current years credit applied (lesser of line 22 or line 23 or line 1)...................
25
Total credit applied this year (Sum of lines 21 and 24)....................................................
CALCULATION OF CREDIT AVAILABLE TO CARRYOVER TO THE NEXT FIVE YEARS
26
Excess credit from current year available to carryover (line 1 minus line 24)...................
27
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 5
CERTIFICATION/SIGNATURE
I hereby certify, under penalties of perjury, that all information on this credit schedule and all accompanying attachments
are true, complete, and correct to the best of my knowledge and belief, and that all items that are the basis of this credit
are qualified agricultural equipment.
Signature
Name-type or print
Title
Date
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