Form Eotc-A - Application For West Virginia Economic Opportunity Tax Credit For Investments Placed In Service On Of After January 1, 2003 Page 3
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5Form EOTC-A
Application for West Virginia Economic Opportunity Tax Credit
For Investments Placed in Service On or After January 1, 2003
Information & Instructions
The Economic Opportunity Tax Credit is available to qualified
For purposes of the Specified High Technology Manufacturer
businesses that make a qualified investment (on or after January
component of the Economic Opportunity Tax Credit, the term
1, 2003) in a new or expanded business in West Virginia and, as
“high technology manufacturing business” means and is limited
a result of this investment, create new jobs. Qualified businesses
to only those businesses engaging in a manufacturing activity
include only those engaged in the activities of manufacturing,
properly classified as having one or more of the following six-digit
information processing, warehousing, non-retail goods distribution,
North American Industry Classification System code numbers:
qualified research and development, the relocation of a corporate
headquarters, or destination-oriented recreation and tourism. The
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minimum job creation requirements are as follows:
lAssificAtioN
ystem
ode
Computer & Peripheral Equipment
334111
Electronic Computers
Type of Credit
Minimum New Jobs
334112
Computer Storage Devices
Regular
20
Electronic Components
334411
Electron Tubes
Corporate Headquarters Relocation
15
334414
Electronic Capacitors
Small Business
10
Semiconductors
Specified High Technology Manufacturer
20 (Additional criteria)
334413
Semiconductor & Related Devices
333295
Other Qualified Business
1 (Additional criteria)
Semiconductor Machinery
The law provides that the required net increase in the taxpayer's
Additionally, the Economic Opportunity Tax Credit Law requires
employment in the State be determined and certified for a
that the median compensation of the new jobs attributable to
controlled group instead of an individual subsidiary. Jobs saved
the qualified investment must exceed an inflation adjusted value.
by the making of investment in an ongoing business operation
Through tax year 2009, the inflation median compensation value
do not count toward the new employee requirement unless the
by tax year is as follows:
Tax Commissioner determines that the taxpayer is insolvent or
bankrupt or that the taxpayer’s business facility was destroyed by
CRITERIA
fire, flood, or act of God.
Median
Year
Compensation
The term “full-time employment” is defined to mean employment
2008
$45,000
for at least one hundred forty (140) hours per month. The term
“small business” is defined to mean a business or controlled group
2009
$46,900
of foreign and domestic affiliated businesses with annual gross
Current information on the median compensation value can be
receipts of not more than an inflation adjusted ceiling amount.
found on the Administrative Notice section at
Through tax year 2009, the inflation adjusted gross receipts ceiling
gov/index.html.
by tax year is as follows.
Taxpayers engaged in manufacturing, information processing,
CRITERIA
warehousing, non-retail goods distribution, qualified research
Year
Gross Receipts
and development, the relocation of a corporate headquarters, or
destination-oriented recreation and tourism who do not satisfy
2003
$7,000,000
the new jobs creation requirements for the Regular, Corporate
2004
$7,159,600
Headquarters Relocation, Small Business, or Specified High
2005
$7,324,500
Technology Manufacturers components of the Economic
2006
$7,552,050
Opportunity Tax Credit may qualify for a credit equal to $3,000
2007
$7,846,850
per new job annually for five years. Each new job must satisfy the
2008
$8,026,350
following requirements:
2009
$8,368,450
1. Pay at least $32,000 annually;
Current information on the gross receipts ceiling can be found on
2. Provide health insurance and may offer benefits including
the Administrative Notice section at gov/index.
child care, retirement or other benefits; and
html.
3. Is a full-time permanent position.
Application for West Virginia Economic Opportunity Tax Credit
Application
for West Virginia Economic Opportunity Tax Credit
EOTC-A •
EOTC-A •
• Page 1
• Page 1
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