Schedule I-Epp - Industrial Expansion Or Revitalization Credit - Electric Power Producers Page 2
Download a blank fillable Schedule I-Epp - Industrial Expansion Or Revitalization Credit - Electric Power Producers in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Schedule I-Epp - Industrial Expansion Or Revitalization Credit - Electric Power Producers with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4In the case of self-constructed property, the cost thereof is the amount of property charged to the capital account for purposes of depreciation.
PROPERTY PURCHASED FOR MULTIPLE BUSINESS USES
If property is purchased for multiple business use including use as a component part of a new, expanded, or ongoing industrial facility of an industrial
taxpayer together with some other business or occupation not qualifying (for example, retail selling), the use of the property in the qualified activity and
nonqualified activity must be thoroughly supported and explained by separate documents submitted with the application, and the amount of credit arising
from that property must be based on cost allocated to the qualified activity.
ELIGIBLE INVESTMENT
To determine the amount of eligible investment for the industrial expansion credit, the net cost of each property purchased is multiplied by the applicable
percentage shown below according to the useful life of the property.
If useful life is:
The applicable percentage is:
4 years or more but less than 6 years
33 1/3%
6 years or more but less than 8 years
66 2/3%
8 years or more
100 %
EXAMPLE
If a taxpayer purchases for $25,000 after July 25, 1999, a machine for use in a new, expanded, or ongoing portion of its industrial
facility, which has a useful life of 6 years, the eligible investment is equal to $16,666.66. The eligible investment is calculated by
multiplying the cost of the equipment, $25,000, times the applicable percentage according to the useful life, 66 2/3%, to arrive at
$16,666.66. The credit is equal to 10% of the eligible investment or $1,666.67. This credit must be claimed over a period of 10
years at a rate of 10% ($166.67) per year.
CREDIT RECAPTURE
Credit attributable to property that ceases to be used in this State prior to the end of its categorized useful life must be recalculated for all tax years
according to actual useful life. For example, Company A invests $10 million in equipment with a designated useful life of 8 years in 1999. The credit for
Company A is calculated to equal $1,000,000 or $100,000 per year for 10 years. However, Company A moves this equipment to New York in 2004, and
therefore the equipment’s actual useful life in West Virginia is reduced to only 5 years. The corresponding credit is reduced according to the above
formula from $1,000,000 to $333,333 or $33,333 per year for 10 years. A reconciliation statement for the 1999 through 2004 period reflecting an
overutilization of credit must then be submitted with payment of any additional tax, interest and penalties owed.
COMPUTATION OF INDUSTRIAL EXPANSION CREDIT
Computation of Eligible Investment:
Column 1.
Enter the net costs of the property in Column (1) on the appropriate line determined by the life of the property.
Col. 2 & 3.
Multiply the net costs in Column (1) by the applicable percentages in Column (2). Enter the results in Column 3.
Line 4.
Add the figures in Column (3) and enter on Line 4. This is the taxpayer’s eligible investment.
Computation of Potential Current Annual Credit:
Line 5.
To determine the taxpayer’s total potential current annual credit, which can be taken over a period of ten years, multiply the
total eligible investment (Line 4) by 10%. Enter the result on Line 5.
Computation of Current Annual Credit:
Line 6.
To determine the taxpayer’s annual credit earned during the current taxable year, multiply the total potential credit on Line 5 by
10%. Enter on Line 6. Forfeited if not used.
Credit From Previous Years:
Line 7.
Enter any annual Industrial Expansion or Revitalization Credit from prior year(s). For eligible investments for multiple year(s), a
worksheet must be provided showing the computation.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Schedule I-epp - Credit For Industrial Expansion Or Revitalization - Electric Power Producers
Financial
Schedule I - Industrial Expansion Or Revitalization Credit - Other Than Electric Power Producers For Qualified Investment Placed Service On Or Before December 31, 2002
Financial
Schedule I - West Virginia Industrial Expansion Or Revitalization Credit - Other Than Electric Power Producers
Financial
Schedule I - Industrial Expansion Or Revitalization Credit - Other Than Electric Power Producers
Financial
Schedule I Template - Credit For Industrial Expansion Or Revitalization - Other Than Electric Power Producers For Qualified Investment Placed Into Service On Or Before December 31, 2002
Financial
Schedule I - Credit For Industrial Expansion Or Revitalization - Other Than Electric Power Producers For Qualified Investment Placed Into Service On Or Before December 31, 2002
Financial
Related Categories
Parent category: Financial