Form Wv/bcs-Small - West Virginia Small Business Investment And Jobs Expansion Tax Credit Page 5
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28is determined. The amount of tax paid in monthly and quarterly tax returns for years two (2) through ten (10) is then based upon estimated
credit calculated using the prior year’s actual new jobs number.
After the close of the taxable year for years two (2) through ten (10), annual returns are filed reconciling the estimated tax paid in the monthly
and quarterly filings through the year and the actual amount of annual tax due based upon the actual new jobs percentage for the year
determined at the end of the year.
The annual payroll, annual gross receipts and annual median compensation requirements applicable to any small business shall be
determined when qualified investment is first placed in service or use. The median compensation requirement is subject to inflation adjustment
during the ten (10) through thirteen (13) year credit period.
The following constraints apply for tax years 1987 thru 2001:
SMALL BUSINESS CREDIT CRITERIA
YEAR
ANNUAL
ANNUAL GROSS
MEDIAN ANUUAL
PAYROLL
RECEIPTS
COMPENSATION
1987 -88
$1,500,000
or
$5,000,000
$11,000
1989
1,562,050
or
5,206,850
11,450
1990*
1,700,000
and
5,500,000
12,000
1991
1,716,300
and
5,721,050
12,550
1992
1,806,950
and
6,023,200
13,250
1993
1,862,200
and
6,207,350
13,650
1994
1,919,100
and
6,397,150
14,050
1995
1,969,150
and
6,563,800
14,400
1996
2,025,150
and
6,750,600
14,850
1997
2,081,100
and
6,937,000
15,250
1998
2,137,800
and
7,126,050
15,650
1999
2,174,050
and
7,246,950
15,900
2000
2,212,000
and
7,373,450
16,200
2001
2,280,800
and
7,602,650
16,700
* Beginning with investments placed into service in 1990, the small business criteria must also apply to the taxpayer's controlled group.
Annual payroll
- The annual payroll of a business shall include the employees of the business whether employed on a full-time, part-
time, temporary, or other basis, during the preceding twelve (12) months. The payroll of the business shall be divided by the number of weeks,
including fractions of a week that it has been in business, and the result multiplied by fifty-two (52).
Annual gross receipts
- The annual gross receipts of a business which has been in business for three (3) or more complete fiscal
years means the highest annual gross revenues of the business from among the last three (3) fiscal years. For purposes of this definition,
the gross revenues of the business includes revenues from sales of tangible personal property and services, interest, rents, royalties, fees,
commissions and receipts from any other sources, but less returns and allowances, sales of fixed assets, interaffiliated transactions between
a business and its domestic and foreign affiliates, and taxes collected for remittance to a third party, as shown on its books for federal income
tax purposes.
Median annual compensation
- The median annual compensation shall be determined by arranging the annual compensation
amount of each employee in a hierarchy ranking from lowest to highest and then selecting that element from the range of so arranged amounts
(elements) which is the middle number, (i.e., that element which has an equal number of elements in the range of elements which rank
above and below it).
In the case of a range having an even number of elements, the median is the average of the two (2) middle numbers, i.e., one half
(1/2) of the sum of the highest ranked element of the lower half of the range and the lowest ranked element of the upper half of the range.
The compensation of an employee employed on a seasonal or temporary basis shall not be counted in the determination of the median
salary.
For purposes of determining median compensation for part-time employees, the salaries of such employees shall be annualized.
The salary of a part-time employee is annualized by multiplying the hourly compensation of the part-time employee by the number of hours
in the normal work year for full-time employees of the business.
The annualized compensation for each part-time employee is treated as an element in the range of numbers used to determine median
annual compensation of the business.
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