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West Virginia High-Growth Business Investment Tax Credit
Extracted from PDF file 2023-west-virginia-form-hgbitc-1.pdf, last modified December 2005High-Growth Business Investment Tax Credit
SCHEDULE WV/HGBITC-1 HIGH-GROWTH BUSINESS INVESTMENT TAX CREDIT WV/HGBITC-1 Rev. 12/05 Taxpayer Name: Tax Period Identification Number: To Taxpayers making the qualified investment must complete Sections A and C. Taxpayers receiving a credit allocation from another entity must complete Sections B and C. A. Application of credit by the Taxpayer making the Qualified Investment 1. Name(s) and address(es) of the qualified Research and Development Company(ies) in which the qualified investment was made. (Attach additional pages, if necessary) Name Address City/State/Zip Code 2. Available Annual High-Growth Business Investment Tax Credit allocated by the Economic Development Authority (Attach a copy of the certificate from The West Virginia Economic Development Authority) .........$ 3. Available Annual High-Growth Business Investment Tax Credit from prior years a. Carried forward from four (4) years prior to the current period ................................................................$ b. Carried forward from three (3) years prior to the current period ..............................................................$ c. Carried forward from two (2) years prior to the current period .................................................................$ d. Carried forward from the year prior to the current period .........................................................................$ e. TOTAL carried forward from prior years (Sum of lines 3a, 3b, 3c and 3d) ..............................................$ 4. Total Available Annual High-Growth Business Investment Tax Credit (Line 2 plus line 3e) ...............................................................................................................................$ 5. Total High-Growth Business Investment Tax Credit That Can Be Used This Period (Enter the smaller of $50,000 and the amount on Line 4) ...............................................$ 6. a. b. c. d. Total Business Franchise Tax ..................................................................................................................$ Amount of §11-23-17 Credits Claimed ...................................................................................................$ Net Limit (6a-6b) ......................................................................................................................................$ High-Growth Business Investment Tax Credit Offset (Enter the smaller of the amount on line 5 or the amount on line 6c) ...................................................$ a. b. Total Corporation Net Income Tax ............................................................................................................$ High-Growth Business Investment Tax Credit Offset (Enter the smaller of the amount on line 5 less the amount on line 6d, or the amount on line 7a) ...................................................................................................................................$ 7. 8. High-Growth Business Investment Tax Credit Remaining After Business Franchise Tax and Corporation Net Income Tax Offset (Line 5 less line 6d and line 7b) .......................................$ If the Taxpayer making the qualified investment is a limited liability company, an electing small business corporation (as defined in section 1361 of the United States Internal Revenue Code of 1986, as amended), or a partnership, any unused tax credit remaining (see line 8 above) is allowed as a tax credit against the Corporation Net Income Tax, if the owner is subject to the tax imposed by W. Va. Code §11-24-1 et seq., or against the Personal Income Tax, if the owner is subject to the tax imposed by W. Va. Code § 11-21-1 et seq., provided that no tax credit is allowed against any Withholding Tax imposed by, or payable under, W. Va. Code §11-21-1 et seq. (1) If any remaining credit is to be allocated to owners, complete the section below (attach additional pages, if necessary) 9. Allocation of Credit to Owners Owner Name Owner Account Number Ownership % Credit Allocated $ $ $ $ Total Allocated Credit (Sum of the amounts in the Credit Allocated column) $ B. Application of Credit Allocated to Owners 10. Current Year Credit Received from Owned Businesses (Indicate the Name and Account Number of the Business from which a High-Growth Business Investment Tax Credit Allocation and the amount of credit assigned. Attach additional pages, (if necessary). Business Name Account Number Credit Assigned This Period $ $ $ $ Total Assigned Credit (sum of the amounts in the Credit Assigned Column) $ 11. Available Annual High-Growth Business Investment Tax Credit from prior years a. b. c. d. e. Carried forward from four (4) years prior to the current period ......................................................... Carried forward from three (3) years prior to the current period ....................................................... Carried forward from two (2) years prior to the current period .......................................................... Carried forward from the year prior to current period ........................................................................ Total carried forward from prior years (Sum of lines 11a, 11b, 11c and 11d) ................................... $ $ $ $ $ 12. Total Available Annual High-Growth Business Investment Tax Credit (line 10 plus line 11e) ................. $ 13. Calculation of Total High-Growth Business Investment Tax Credit That Can Be Used This Period a. Overall Credit Limit .............................................................................................................................. b. Credit claimed this period by owned businesses ............................................................................. c. Adjusted Credit Limit (subtract the amount on line 13b from the amount on line 13a, enter zero if the amount on line 13b is greater than the amount on line 13a) ................................. d. Credit That Can be Used This Period (enter the smaller of the amount on line 12 and the amount on line 13c) ............................................................................................................................ 14. a. b. $ $ $ $ Total Corporation Net Income Tax ........................................................................................................ $ High-Growth Business Investment Tax Credit Offset (Enter the smaller of the amount on line 14a and the amount on line 13d) ......................................................................................................... $ (2) 50,000. 15. a. Total Personal Income Tax .................................................................................................................... $ b. High-Growth Business Investment Tax Credit Offset (Enter the smaller of the amount on line 15a and the amount on line 13d less the amount on line 14b) ......................................................... $ C. Recap of Credit 16. Credit Carryover Recap Year of Credit Authorized/Allocated Amount of Credit Authorized/Allocated Amount used in prior years (3) Amount Used This Year Remaining Credit
WV_HBGITC-1.pmd
More about the West Virginia Form HGBITC-1 Corporate Income Tax Tax Credit TY 2023
We last updated the High-Growth Business Investment Tax Credit in February 2024, so this is the latest version of Form HGBITC-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form HGBITC-1 directly from TaxFormFinder. You can print other West Virginia tax forms here.
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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 HGBITC-1 from the Department of Revenue in February 2024.
Form HGBITC-1 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 HGBITC-1
We have a total of nine past-year versions of Form HGBITC-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form HGBITC-1
WV_HBGITC-1.pmd
2022 Form HGBITC-1
WV_HBGITC-1.pmd
2021 Form HGBITC-1
WV_HBGITC-1.pmd
2020 Form HGBITC-1
WV_HBGITC-1.pmd
2016 Form HGBITC-1
WV_HBGITC-1.pmd
2015 Form HGBITC-1
WV_HBGITC-1.pmd
2013 Form HGBITC-1
WV_HBGITC-1.pmd
2012 Form HGBITC-1
WV_HBGITC-1.pmd
2011 Form HGBITC-1
WV_HBGITC-1.pmd
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