Form Eotc-A - Application For West Virginia Economic Opportunity Tax Credit For Investments Placed In Service On Of After January 1, 2003 Page 4
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5Finally, the law specifies that no credit may be allowed or applied for
Provide a general description of the qualified investment
2c 2c
any qualified investment property placed in service until the person
property in the space provided (i.e. $100,000 to be
asserting a claim for the credit makes written application to the
invested in buildings, $500,000 to be invested in land, etc.).
Tax Commissioner and receives written acknowledgement or such
p
& e
application from the Tax Commissioner. Failure to timely apply for
Ayroll
mployment
credit will result in forfeiture of 50% of the annual credit allowance
Enter your total West Virginia payroll and number of
otherwise available under this requirement. Form EOTC-A is
3a 3a
jobs attributed to that payroll for the twelve month
designed to be a general application form for taxpayers wishing to
period ending on the day prior to the day of the first placement of
claim the credit based upon investments placed into use or service
qualified investment subject to Economic Opportunity Tax Credit
on or after January 1, 2003. The timely filing of this application is a
into service or use.
condition precedent to claiming tax credits. This application must
be filed annually no later than the due date of the taxpayer’s West
Enter your total West Virginia payroll and number of jobs
Virginia income tax return including any legally granted extension
3b 3b
attributed to that payroll for the tax year to which this
of time for filing such returns.
application relates.
A
S
pplicAtion
tAtuS
Enter your total projected West Virginia payroll and
3c 3c
Place a check mark in the box next to the applicable status
number of jobs attributed to that payroll for the third tax
1a 1a
of your investment (Check only ONE box).
year after the qualified investment is first placed into service or
use. For example, if you first plan to place investment into service
(a.) In some cases qualified investment property is placed in
or use in 2003 then, you would use your projected 2005 payroll to
service or use by the taxpayer over a single tax year.
complete this question (Note: The information in 3b and 3c should
(b.) However, a multiple year project certification enables
be identical if this year is your third tax year).
the taxpayer to place investment into service over a
period of up to three consecutive tax years.
Enter the applicable jobs percentage you wish to claim
3d 3d
(i.e. 20% if you expect to create at least 20 new jobs) and
Note: An Application must be filed for each year in which
your projected number of new jobs created up through the third tax
investment for purposes of the Economic Opportunity Tax Credit
year corresponding to the increase in payroll from 3a to 3c. Note:
is placed in service or use. Additionally, the application must be
The new jobs percentage is applicable to the Regular, Corporate
approved by the State Tax Commissioner before any credit may
Headquarters Relocation, and Small Business components of the
be claimed.
Economic Opportunity Tax Credit.
Type of credit: Place a check mark in the box indicating
1b 1b
N
J
P
t
the type of credit application sought (Check on ONE
ew
obs
erceNtAge
Able
box).
Number of New Jobs
New Jobs Percentage
10 to 19 (small business only)
10%
i
nveStment
15 to 19 (Corporate HQ relocation only)
10%
20 to 279
20%
Enter the year investment is placed into service or use in
2a 2a
the first column, the total dollar amount of investment
280 to 519
25%
placed into service or use in the second column and the dollar
520 or more
30%
amount of qualified investment placed into service or use in the
Note that is your business is a member of a controlled group, then
third column. Qualified Investment is determined according to the
the controlled group’s West Virginia employment must show a
following useful life (straight line depreciation):
new increase equal to or greater than the necessary minimum new
jobs threshold claimed by the member for credit to be available.
Useful Life
For projects having qualified investment of $20 million or more
At Least
But Less Than
Percent Qualified
that are constructed using construction labor and mechanics
0 years
4 years
0%
numbering 75 or more employees or equivalent employees, who
are paid an average wage of at least prevailing wage; the new jobs
4 years
6 years
33⅓%
percentage for the 20 or 520 employee range is increased by 5
6 years
8 years
66⅔%
percentage points.
8 or more years
100%
If the box for “Specified High Technology Manufacturer”
3e 3e
Enter the physical location(s) of the qualified investment
in 1b (i.e., Type of Credit) was checked, enter the value of
2b 2b
property (e.g., Main Street, Weston, or 12 miles north of
the median compensation for the new jobs created.
Pipestem at the Intersection of State Route 3 and State Route 20).
Application for West Virginia Economic Opportunity Tax Credit
Application
for West Virginia Economic Opportunity Tax Credit
EOTC-A •
EOTC-A •
• Page 2
• Page 2
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