Form Wv/bcs-1 - West Virginia Business Investment And Jobs Expansion Tax Credit Or Corporate Headquarters Relocation Credit Page 3
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30APPLICATION FOR CREDIT REQUIRED
Taxpayers placing qualified investment into service or use on or after January 1, 1990 must complete an Application
for West Virginia Business Investment and Jobs Expansion Tax Credit (Form WV/BCS-A) with the Tax Commissioner
and receive written acknowledgment of such application prior to claiming the credit. The application must be filed
annually no later than the due date of the taxpayer’s annual income tax return determined without regard to any
extension of time for filing such returns. Form WV/BCS-A must be filed on a timely basis before claiming tax credits.
Failure to do so will result in forfeiture of 50% of the annual credit allowance utilized until the application is filed.
ELIGIBLE TAXPAYERS
Any taxpayer subject to the West Virginia Business and Occupation Tax, Severance Tax, Telecommunications
Tax, Business Franchise Tax, Corporation Net Income Tax, Personal Income Tax, or any combination thereof, who
makes qualified investment in a new or expanded business facility located in West Virginia that results in the creation
of at least 50 new jobs, potentially qualifies for the above credits. An eligible taxpayer can also include an affiliated
group of corporations that file a consolidated West Virginia Corporation Net Income Tax return.
QUALIFIED INVESTMENT PROPERTY
Qualified investment property is property constructed, purchased, leased or transferred into West Virginia and
placed in service or use, as a component of a new or expanded business facility located in this State. The amount
of the qualified investment is determined by the cost, or other basis, and the useful life of the property.
Critical elements in the determination of qualified investment property for purposes of this credit are how, and from
whom, the property is acquired; the acquisition date; date and term of a lease; transfer date; date placed in service
or use in this State; as well as the useful life of the property.
For the Business Investment and Jobs Expansion Credit, qualifying investment property acquired and placed in
service or use in this State on or after March 1, 1985 may be counted toward the credit.
QUALIFIED INVESTMENT PROPERTY MAY INCLUDE:
1. Natural resources in place, purchased or leased on or after March 1, 1985 but prior to March 10, 1990 capable
of sustained production for a period of ten or more years.
2. Real property and improvements thereto, having a useful life of four or more years placed in service or use in
West Virginia on or after March 1, 1985.
3. Real property and improvements thereto, or tangible personal property acquired by written lease with a primary
term of ten or more years placed in service or use in West Virginia on or after March 1, 1985.
4. Depreciable or amortizable tangible personal property placed in service or use in West Virginia on or after March
1, 1985, with a useful life of four or more years at the time the property is placed in service or use in this State.
5. Tangible personal property acquired by written lease having a primary term of four or more years that was
commenced and executed on or after February 1, 1986.
6. Tangible personal property owned or leased, used at a business location outside this State which is moved into
this State on or after February 1, 1986. If owned, property must be depreciable or amortizable and have a useful
life of four or more years remaining at the time the property is placed in service or use in this State. If leased,
the primary term of the lease remaining at the time the property is placed in service or use in West Virginia must
be four or more years.
QUALIFIED INVESTMENT PROPERTY MAY NOT INCLUDE:
1. Property owned or leased, for which another tax credit (e.g. for Industrial Expansion and Revitalization,
Research and Development Projects; or Coal Loading Facilities) has been taken by the taxpayer, seller, lessor,
or other transferor.
2.
Repair costs, unless capitalized for federal income tax purposes.
3.
Motor vehicles licensed by the West Virginia Department of Motor Vehicles that were purchased or leased prior
to February 1, 1986.
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