Form Wv/ag-1 - Environmental Agricultural Equipment Tax Credit Page 3
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2
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4…Part 3 continued from previous page
CALCULATION OF CREDIT AVAILABLE TO CARRYOVER TO THE NEXT YEARS
17. Excess credit from current year available to carryover (line 1 minus line 15)................
18. Excess credit from previous years available to carryover
Column 3
Column 1
Column 2
Excess available to
Excess amount carried
Amount used this
carryover
Year
forward
year
(Col. 1 minus Col. 2)
Forfeited
5
preceding year
th
4
preceding year
th
3
preceding year
rd
2
preceding year
nd
1
preceding year
st
P
4
Claiming the Credit – Partners, Shareholders and Members
art
IDENTIFICATION OF PASS-THROUGH ENTITY
Name: ____________________________________________________________________
WV Tax Identification Number: ___________________________________________________
Type of Pass-through Entity (mark one):
S Corporation
Partnership
Limited Liability Co.
SUMMARY OF TOTAL CREDIT AVAILABLE FOR CURRENT TAXABLE YEAR
1. Available credit from this year (25% of total eligible purchases from Part 1).............
2. Your percentage of ownership of the pass-through entity (state as a decimal)..........
3. Your share of the available credit (line 1 multiplied by line 2)....................................
4. Excess credit carried forward from previous years
Year of Purchase
Excess amount carried forward
5
preceding year
th
4
preceding year
th
3
preceding year
rd
2
preceding year
nd
1
preceding year
st
5. TOTAL credit carried forward from previous years.....................................................
FIGURING THE CREDIT
6. Distributive share from pass-through entity..............................................................
7.
Total West Virginia agricultural income of pass-through entity.................................
8. Total income of pass-through entity..........................................................................
9. Eligible pass-through entity income ratio (line 7 divided by line 8. State as decimal)....
10. Tentative distributive share eligible for credit (line 6 multiplied by line 9).................
11. Total distributive income from pass-through entity reported on your tax return........
12. Federal AGI or Federal taxable income, as applicable.............................................
13. Distributive eligible income ratio (line 11 divided by line 12. State as a decimal).....
14. Reported distributive share eligible for credit (line 10 multiplied by line 13).............
15. Eligible income ratio (line 14 divided by line 12. State as a decimal. Not more than 1.0)..
16. West Virginia income tax liability...............................................................................
17. West Virginia income tax eligible for credit (line 15 multiplied by line 16)................
18. Other tax credits claimed against liability on return......................................................
Continued on the next page…
Form WV/AG-1 Page 3 of 4
Rev. 9/15
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