TaxFormFinder
West Virginia Economic Opportunity Tax Credit
Extracted from PDF file 2023-west-virginia-form-eotc1.pdf, last modified December 1969Economic Opportunity Tax Credit
Schedule Economic Opportunity Tax Credit EOTC-1 (For periods AFTER January 1, 2015) Rev. 10-15 Tax Year: Beginning: MM Ending: YYYY MM NAICS Code YYYY FEIN, TID, or SSN Business Name: ___________________________________________________________________ Street Address: ____________________________________________________________________ ________________________________________________________________________________ City, Town or Post Office: ____________________________ State: _________ Zip Code_________ Certified Multiple Year Projects 1. Investment Year(s): 1. 2. 2. Investment Summary: Cost 3. Percentage Investment with Useful Life of 4-6 years x 33 ¹⁄ % Investment with Useful Life of 6-8 years x 66 ²⁄ % Investment with Useful Life of 8+ years x 100 % Qualified 4. Total Qualified Investment New Jobs Percentage If number of new jobs created is at least [Small Business Only] 10 then 10% If number of new jobs created is at least [Corp. Headquarters Only] 15 then 10% If number of new jobs created is at least 20 then 20% If number of new jobs created is at least 280 then 25% If number of new jobs created is at least 520 then 30% Add 5% to new jobs percentage if you employ at least 75 full-time equivalent construction workers at prevailing wage in $20 million or greater investment project. 3. Available Credit Calculation: Qualified Investment X New Jobs Percentage = Tax Credit X 10% / year 4. Pro-Rated Credit Allocation Summary at 10% per year for 10 years [Multiple year projects only] Year Available Schedule EOTC-1 — Rev. 10-15 Year 1 + Year 2 + Year 3 = + + = + + = + + = + + = + + = + + = + + = + + = + + = + + = Total Credit Page 1 of 2 5. Annual New Jobs/Payroll Factor Computation Number of Employees Payroll of Employees Total WV Payroll Payroll Factor a. Pre-Credit Employment Levels: New-Jobs Employed for Credit: Total Employment in WV: b. Payroll Factor: New Jobs Payroll / = 6. Annual Tax Offset Factor: If Median compensation of new jobs is at least $40,198 (for 2015) then tax offset is 100%. Otherwise tax offset is 80%. Median compensation for this year is ______________________________. (See Administrative Notices for values for other years.) TAX CREDIT APPLICATION COMPUTATION 7. A. Tax Subject to Credit Offset X Payroll Factor X Offset Factor = Tax Subject to Credit Offset B&O Tax Type Pre-Credit Liability X X = CNIT X X = PIT* X X = TOTAL X X = B. Economic Opportunity Credit Applied Tax Type Pre-Credit Liability Tax Subject to Credit Offset Tax Credit Applied After Credit Net Tax B&O CNIT PIT* TOTAL * Individual Shareholders of S corporations and partnerships will also need to file a Personal Income Tax credit schedule. 8. Tax Credit Recap a. Total credit pro-rated for this year b. Unused credit carryover from last year + c. Total credit available this year = d. Total credit used this year (sum of “tax credit applied column of Section 7B) e. Credit remaining for carryover to next year (subtract amount on line 8d from the amount on line 8c, and enter here [if the next year is year 13, enter $0]) Under penalties of perjury, I declare that I have examined this credit claim form (including accompanying schedules and statements) and to the best of my knowledge it is true and complete. Signature of Taxpayer Name of Taxpayer (type or print) Person to contact concerning this return Signature of Preparer other than Taxpayer Schedule EOTC-1 — Rev. 10-15 Title Date Telephone Number Address Date Page 2 of 2
Form EOTC1
More about the West Virginia Form EOTC1 Corporate Income Tax Tax Credit TY 2023
We last updated the Economic Opportunity Tax Credit in February 2024, so this is the latest version of Form EOTC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form EOTC1 directly from TaxFormFinder. You can print other West Virginia tax forms here.
Other West Virginia Corporate Income Tax Forms:
TaxFormFinder has an additional 75 West Virginia income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PTE100 | Income Tax Return S Corporation & Partnership (Pass-Through Entity) Formerly SPF 100 |
| SPF100 Schedule SP | Shareholder / Partner Information and Non-resident Withholding |
| Form CIT 120 | Corporate Net Income (formerly CNF 120) |
| Form IT-141ES | Fiduciary Estimated Tax Payment Voucher |
| Form NRW4 | Non-resident Income Tax Agreement |
View all 76 West Virginia Income Tax Forms
Form Sources:
West Virginia usually releases forms for the current tax year between January and April. We last updated West Virginia Form EOTC1 from the Department of Revenue in February 2024.
Form EOTC1 is a West Virginia Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of West Virginia Form EOTC1
We have a total of ten past-year versions of Form EOTC1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
TaxFormFinder Disclaimer:
While we do our best to keep our list of West Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.