Schedule K - Telephone Utilities Rate Reduction Credit

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Rev. 07-11
Schedule
K
West Virginia
State Tax
Telephone Utilities Rate Reduction Credit
Department
Telephone Utilities Rate Reduction Credit
Taxpayers who provide telephone service at special reduced rates to certain low income residential customers
are eligible to claim this credit. The West Virginia Public Service Commission will certify the amount of the
revenue deficiency, resulting from the provision of the service, to the eligible taxpayers.
The amount of the credit is the cost providing the service to qualified customers, less any reimbursement received
through any other means. This amount must be certified by the Public Service Commission and a copy of the
certification order must be attached to the return on which the credit is claimed. The credit is allowed on the tax
return for the taxable year in which the certification is received.
The credit is first claimed against the West Virginia Telecommunications Tax, then against the West Virginia
Corporation Net Income Tax liability. Any portion of the credit then remaining may be carried over to the next
years Telecommunications Tax liability and is applied before any other credits for that year. There is no provision
for carry over to subsequent years for Corporation Net Income Tax.
In no event shall the total credit claimed exceed one hundred percent (100%) of the Certified revenue deficiency.
Instructions
Column 1
Enter the total amount of the revenue deficiency as certified by the Public Service Commission.
Column 2
Enter the amount claimed as a credit against your Telecommunications Tax liability.
Column 3
Subtract the amount in Column 2 from the amount in Column 1, and enter the difference.
Column 4
Enter the amount being used to offset your Corporation Net Income Tax liability.
Column 1, minus Columns 2 and 4, is the amount available to be carried over as a credit against
Telecommunications Tax.
Please note that the total amount of all tax credits may not exceed the Corporation Net Income Tax liability.
Business
Acct. ID
Name
Number
C
1
C
2
C
3
C
4
olumn
olumn
olumn
olumn
Amount certified as revenue
Amount of deficiency claimed
Amount available for
Amount claimed as
deficiency by Public Service
as Telecommunications Tax
Corporation Net Income Tax
Corporation Net Income Tax
Commission
Credit
Credit
Credit
Include the amount in Column 4 on the appropriate line on the tax form being filed. This schedule must
be attached to your return.

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