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15. Amount of current year rebate available for shareholders (line 9 less line 12, column 2)................................................................................

16. Free-up credit available to pass-through entity (Form WV/BCS-1, Part VI, Line 9 less Form WV/BCS-1, Part IV, Column 12 applied

against Business Franchise Tax).....................................................................................................................................................................

Deferred Credit Allocation (Only applicable for projects in the 11

to 13

years. All others skip to part II, line 1)

17. Available deferment credit................................................................................................................................................................................

Amount of Deferred Credit Applied

18. a. Applied against Business and Occupation Tax..........................................................................................................

b. Applied against Severance Tax.................................................................................................................................

c. Applied against Telecommunications Tax..................................................................................................................

d. Applied against Business Franchise Tax...................................................................................................................

19. Amount of deferred credit applied total (sum of lines 18a through 18d)...........................................................................................................

20. Amount of deferred credit available to shareholders (line 17 less line 19).......................................................................................................

II — C

art

laImIng thE

rEdIt

1. Shareholders ownership percentage expressed as decimal to six places (from Federal Form 1120S, Schedule K-1)......................................

2. Shareholders ordinary income from the pass-through entity (from Federal Form 1120S, Schedule K-1)..........................................................

3. West Virginia apportioned shareholders ordinary income (Part I, line 2 times Part II, line 2).............................................................................

4. Credit available to shareholder (Part I, line 13 times line 1)...............................................................................................................................

5. Prior year rebate available to shareholder (Part I, line 14 times line 1)..............................................................................................................

6. West Virginia Personal Income Tax filer (check one)

Resident

Non-Resident/Part-year resident

Other.................

7. West Virginia income for credit purposes (Resident filers use West Virginia adjusted gross income; other filers must calculate an equivalent

West Virginia gross income following the enclosed instructions).........................................................................................................................

8. Qualified income fraction (express as decimal to six places; not greater than 1.0; line 3 divided by line 7).......................................................

9. West Virginia Income Tax...................................................................................................................................................................................

10. Tax attributable to the qualified business (line 9 times line 8)............................................................................................................................

11. Payroll factor (Part I, line 3)................................................................................................................................................................................

12. Tax Attributable to Investment (line 10 time line 11)...........................................................................................................................................

13. Personal Income Tax offset factor......................................................................................................................................................................

.800

14. Tax subject to credit (line 12 times line 13)........................................................................................................................................................

15. Amount of credit applied (lesser of line 4 or line 14)..........................................................................................................................................

16. Tax subject to rebate (line 12 less line 14).........................................................................................................................................................

17. Amount of prior year rebate applied (lesser of line 5 or line 16).........................................................................................................................

18. Amount of current year credit applied as rebate (enter the smallest of the following: remaining tax subject to rebate [line 16 less line 17];

or remaining credit available to shareholders [line 4 less line 15]; or amount of current year rebate available to shareholder [Part I, line 15

times line 1]).....................................................................................................................................................................................................

19. Total rebate applied (line 17 plus line 18)...........................................................................................................................................................

20. Total credit and rebate applied (line 15 plus line 19)..........................................................................................................................................

21. Deferred credit (line 20 times 20%)....................................................................................................................................................................

22. Total credit and rebate less deferred credit (line 20 less line 21).......................................................................................................................

23. Tax eligible for free-up credit (line 12 less line 22).............................................................................................................................................

24. Free-up credit available to taxpayer (Part I, line 16 times line 1).......................................................................................................................

25. Final credit total (line 22 plus line 24).................................................................................................................................................................

Schedule BCS-PIT

Page 2 of 3

Schedule Bcs-Pit - Business Investment And Jobs Expansion Credit Claims Against Personal Income Tax Page 2

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