Form Wv/mitc-1 - Schedule Mitc-1 Credit For Manufacturing Investment
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7WV/MITC-1
WEST VIRGINIA STATE TAX DEPARTMENT
Rev. 02/10
SCHEDULE MITC-1
CREDIT FOR MANUFACTURING INVESTMENT
BUSINESS NAME
IDENTIFICATION NUMBER
TAX PERIOD
TO
MM
DD
YYYY
MM
DD
YYYY
COMPUTATION OF ELIGIBLE INVESTMENT
(Column 1)
(Column 2)
(Column 3)
Net Cost
Percentage
Allowable Cost
t
Investmen
1. Expansion or Revitalization property with useful life of
4 years or more but less than 6 years.
33 1/3%
$
$
2. Expansion or Revitalization property with useful life of
6 years or more but less than 8 years.
66 2/3%
$
$
3. Expansion or Revitalization property with useful life of
8 years or more.
100%
$
$
4. Total Eligible Expansion or Revitalization Investment ..................................................................................
$
$
5. Total Potential Manufacturing Investment Tax Credit (5% of Line 4) ............................................................
$
6. Available Annual Manufacturing Investment Tax Credit (10% of Line 5) (Forfeited if not used) ..................
7. Available Annual Manufacturing Investment Tax Credit* from prior years (incomplete information will
result in the disalowance of the credit)
Reference Period
(# of years prior to
Original Available
Net Available
current tax period)
Tax Period Ending
Annual Credit
Adjustments**
Annual Credit
9
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_________________
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___________
8
______________
_________________
____________
___________
7
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_________________
____________
___________
6
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_________________
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___________
5
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_________________
____________
___________
4
______________
_________________
____________
___________
3
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_________________
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2
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1
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_________________
____________
___________
Total
*Entitlement to Manufacturing Investment Tax Credit was first available for investment placed in service or use on or after January 1, 2003.
**Adjustments, including the disposal of property or machinery before the originally stated useful life, may also result in the recapture of
credit previously claimed. See the instructions for the credit recapture provisions.
8.
Total available Annual Manufacturing Investment Tax Credit (Line 6 plus Line 7) ..........................................
$
9.
Credit Offset Factor (If the current tax year began on or after January 1, 2009
then enter 0.6, otherwise enter 0.5) .............................................................................................................
$
10.
a) Total Severance Tax...........................................................................................................................................
$
b) Amount of Other Credits Used to Offset Severance Tax..............................................................................
$
c) Adjusted Severance Tax (Subtract the amount on line 10b from the amount on
line 10a and enter here).....................................................................................................................................
$
d) Severance Tax Manufacturing Investment Tax Credit Offset Limit (Multiply the
amount on line10a by the value on line 9)......................................................................................................
$
e) Amount of W. VA. Code §11-13D Credits Used to Offset Severance Tax..................................................
$
f) Severance Tax Limit of Manufacturing Investment Tax Credit (Subtract the
amount on line 10e from the amount on line 10d. Enter zero, if the amount on
line 10e is greater than the amount on line 10d )..........................................................................................
$
g) Severance Tax Manufacturing Investment Tax Credit (Enter the lesser of
the values on lines 8, 10c and line 10f here and on the tax return)............................................................
$
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