Schedule L - Electric, Natural Gas, And Water Utilities Rate Reduction Credit

ADVERTISEMENT

Schedule L - Electric, Natural Gas, And Water Utilities Rate Reduction Credit
Rev. August 2011
Electric, Natural Gas, And Water Utilities Rate Reduction Credit
Public utilities who provide electric and gas utility service at special reduced rates to low income residential
customers for the billing months of December through April, or who provide water utility service at approved
special reduced rates to certain low income residential customers in any month, are eligible to claim the credit. The
West Virginia Public Service Commission will determine the revenue deficiency resulting from the reduced rates,
A copy of the certification order must be attached to the
and certify the amount of allowable credit.
return on which the credit is claimed.
An eligible taxpayer may claim the credit on the annual return for the taxable year in which it receives
certification.
However, the credit is first claimed against the West Virginia Business and Occupation Tax liability, then
against West Virginia Corporation Net Income Tax liability. Any portion of the credit then remaining may be
carried over to the next year's Business and Occupation Tax liability and is applied before any other credits for
that year. There is no provision for carryover to the Corporation Net Income Tax.
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 Business and Occupation 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 claimed as a credit against your Corporation net Income Tax.
Column 1, minus Columns 2 and 4, is the amount available to be carried over as a credit against Business and
Occupation Tax liability in the subsequent year.
all credits
Please note that the total amount of
claimed may not exceed the amount of the certified revenue
deficiency, and may not reduce any tax liability below zero.
Business Name
Account Identification Number
Column 4
Column 1
Column 2
Column 3
Amount claimed as
Amount certified as reve-
Amount of deficiency
Amount available for
Corporation Net
nue deficiency by Public
claimed as Business and
Corporation Net
Income Tax Credit
Service Commission
Occupation Tax Credit
Income Tax Credit
Include the amount in Column 2 on in Column 4 on the appropriate line on the tax form being filed. This schedule
must be attached to your return.

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go