Schedule Bcs-Pit - Business Investment And Jobs Expansion Credit Claims Against Personal Income Tax Page 4
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5BCS-PIT
S chedule
Information and Instructions
To claim this credit, this schedule must be completed and
entity must attach these documents for each pass-through
filed with your Personal Income Tax return (Form IT-140).
entity from which credit is claimed.
The schedule and return must be filed by the due date of the
Any taxpayer completing this schedule must provide a copy
annual return without regard to extension of time for filing
of the schedule to the pass-through entity through which the
and payment of tax due.
credit is claimed.
A properly completed Schedule BCS-PIT must be accompanied
These instructions are not a substitute for tax statutes and
by a copy of the form WV/BCS-1 completed by the pass-
regulations. They are intended to facilitate the claiming of this
through entity providing the Personal Income Tax credit.
credit. The statutes are codified at West Virginia Code 11-13C,
A copy of Federal Form 1120, Schedule K-1 must also be
and the regulations at 110 C.S.R. 13C § 1, et. seq. and may
attached to the Schedule BCS-PIT showing the percentage of
be obtained from the Secretary of State for a reasonable fee.
ownership by the party claiming the credit. A Personal Income
Questions concerning interpretation of law or these forms and
Tax taxpayer claiming credit from more than one pass-through
instructions should be addressed to the Tax Division.
S p e c i f i c L i n e I n s t r u c t i o n s
*** If the pass-through entity used WV/BCS-1, Part IV-1 in place of WV/BCS-1, Part IV, the appropriate
WV/BCS-1, Part IV-B items will replace references to WV/BCS-1 Part IV citations in the following.***
PART I
percent of the value of the annual credit applications until the
tenth, eleventh and twelfth tax years subsequent to the year
qualified investment was placed in service or use. The amount
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Enter the amount of the credit applied by the pass-
reported on Part 1, Line 17 should be the accumulated total of
through entity for each of the taxes listed. This
deferred credit less amounts claimed in prior years.
information may be found on the Form WV/BCS-1, Part IV,
Column 5, in the row for each respective tax type.
PART II
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The pass-through entity must apply all of any
available rebate from prior tax years before the
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Each shareholder or partner is allocated the available
application of any available rebate from the current tax year.
credit based on their percentage of ownership of the
This information may be found on the Form WV/BCS-1, Part
pass through entity.
IV, column 7, in the row for each respective tax type.
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Equivalent West Virginia Gross Income for non-
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The amount of credit remaining for application by
resident/part-year filers.
all shareholders or partners against their respective
Personal Income Tax liabilities is equal to the total amount
A. Calculate equivalent taxable income (ETI).
of current year credit available, less the amount of current
year credit applied to the four taxes having precedence over
1.
For taxpayers with filing status 1 (i.e. married
the Personal Income Tax for credit purposes, less the amount
filing jointly, single, head of household, or
of current year credit applied as rebate against the four taxes
widow(er) with dependent child).
having precedence over the Personal Income Tax for credit
purposes.
If West Virginia Income Tax is zero, then ETI
is zero;
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The free-up credit is only available to those pass-
If West Virginia Income Tax is greater than zero
through entities subject to the Minimum Severance
and less than or equal to $300, the ETI is West
Tax on Coal.
Virginia Income Tax divided by 0.0300;
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If West Virginia Income Tax is greater than
For tax years ending after May 31, 1993, taxpayers
$300 and less than or equal to $900, then
claiming
the
Business
Investment
and
Jobs
ETI is $10,000 plus the quantity obtained
Expansion Tax Credit (Super Credit) were required to defer 20
• 1
Schedule BCS-PIT
Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax
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