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West Virginia Schedule IMSTTC1 Innovative Mine Safety Technology Tax Credit
Extracted from PDF file 2023-west-virginia-form-imsttc1.pdf, last modified December 1969Schedule IMSTTC1 Innovative Mine Safety Technology Tax Credit
Sඋඐඍඌඝඔඍ IMSTTC-1 REV. 9/2020 West Virginia Innovative Mine Safety Technology Tax Credit (For periods AFTER January 1, 2020) Taxpayer Name West Virginia State Tax Department Business Name Employer Identification Number (EIN): ◄ OR ► WV State Tax Department Tax Account ID: Street Address of Business City, Town, or Post Office State Zip-Code Tax year Beginning and Ending Dates: ____ / ____ / ________ to ____ / ____ / ________ ► Taxpayers receiving an original allocation of West Virginia Innovative Mine Safety Technology Tax Credit from the West Virginia Office of Miners’ Health, Safety and Training must complete Parts A and B of the Schedule. If a Taxpayer receiving an original allocation of West Virginia Innovative Mine Safety Technology Tax Credit is a Pass-Through Entity and any unused credit is to be passed through to the Entity’s Owner(s), then Part D must be completed also. ► An owner Taxpayer receiving an unused allocation of West Virginia Innovative Mine Safety Technology Tax Credit from a Pass-Through Entity subsidiary must complete Parts A and C of the Schedule. Under penalties of perjury, I declare that I have examined this tax credit claim form (including accompanying schedules and statements) and to the best of my knowledge it is true and accurate. Signature of Authorized Taxpayer Representative Typed or Printed Name of Authorized Taxpayer Representative Date Title Telephone Number Person to contact concerning this schedule (Name and Telephone Number) Part A — Innovative Mine Safety Technology Tax Credit Summary 1. Current Year Innovative Mine Safety Technology Tax Credit Attributable to Direct Allocations from the West Virginia Office of Miners’ Health, Safety and Training (Enter the amount from Part B, Line 5 (Amounts not supported by completed Part B will be disallowed)............................................ $ 2. Current Year Innovative Mine Safety Technology Tax Credit Allocated to the Owner of a Pass-Through Entity that received a direct allocation of the tax credit from the West Virginia Office of Miners’ Health, Safety and Training (Enter the amount from Part C, Line 1. Total (Amounts not supported by completed Part C will be disallowed)............................................ $ 3. Total Current Year Innovative Mine Safety Technology Tax Credit (Add the amounts on Line 1 and 2 and enter here...................................................... $ Continued on the next page… Schedule IMSTTC-1 Rev. 9/2020 West Virginia Innovative Mine Safety Technology Tax Credit Page 1 of 5 Taxpayer Name: EIN or WV State Tax Department Tax Account ID: Part A — Continued 4. A) Total Corporation Net Income Tax (Before Application of Any Tax Credits {Taxpayers whose Innovative Mine Safety Technology Tax Credit is entirely attributable to allocation from a Pass-Through Entity enter only the Corporation Net Income Tax Imposed on the conduit income directly derived from the Pass-Through Entity}).......................... $ B) Maximum Annual Offset of Corporation Net Income Tax by the Innovative Mine Safety Technology Tax Credit (Multiply the amount on Line 4A by 0.50 {50%} and enter here)................................................... $ C) Maximum Innovative Mine Safety Technology Tax Credit that can be used in any tax year by any Taxpayer in combination with the Owners of the eligible Taxpayer (Enter an amount equal to $100,000 less the amount on Line 3)................................................................................... $ D) Innovative Mine Safety Technology Tax Credit to be applied to Reduce Corporation Net Income Tax Liability (Enter the lesser of the amounts on Lines 3, Line 4B, Line 4C, if less than 0 {zero}, enter 0. Also, enter this value on the Summary of Tax Credits Schedule {CIT-120TC or PTE-100 TC, as appropriate)................................................................... $ 5. Available Innovative Mine Safety Technology Tax Credit Adjusted for Corporation Net Income Tax (Subtract the amount on Line 4D from the amount on Line 3 and enter here)................................................................ $ 6. Unused Innovative Mine Safety Technology Tax Credit to be allocated. If the Taxpayer is a Pass-Through entity and any of the amount on Line 5 is to be allocated to the owners of the Pass-Through entity, complete Part D and enter the total amount of credit to be allocated here............................. $ Schedule IMSTTC-1 Rev. 9/2020 West Virginia Innovative Mine Safety Technology Tax Credit Page 2 of 5 Taxpayer Name: EIN or WV State Tax Department Tax Account ID: Part B — Innovative Mine Safety Technology Tax Credit Allocated by Office of Miners’ Health, Safety and Training (OMHST) 1. Current Year Allocation of West Virginia Innovative Mine Safety Technology Tax Credit (IMSTTC) from the West Virginia Office of Miners’ Health, Safety and Training: A. Date of Certification............................................................................. B. Amount of Innovative Mine Safety Technology Credit Allocated Per the Above Office of Miners’ Health, Safety and Training Certification $ C. Annual Amount of Innovative Mine Safety Technology Credit available for use in the current tax year and the next succeeding four tax years (Divide the amount on Line 1B by 5 and enter here)... $ 2. Total Annual Innovative Mine Safety Technology Tax Credit Available from prior years: A. One Year Prior Annual IMSTTC (from Part B, Line 1C of 1 year prior IMSTTC-1 form).................................................................................. $ B. Two Years Prior Annual IMSTTC (from Part B, Line 1C of 2 years prior IMSTTC-1 form)......................................................................... $ C. Three Years Prior Annual IMSTTC (from Part B, Line 1C of 3 years prior IMSTTC-1 form)......................................................................... $ D. Four Years Prior Annual IMSTTC (from Part B, Line 1C of 4 years prior IMSTTC-1 form)......................................................................... $ E. Total (Sum Lines 2A, 2B, 2C, and 2D and enter here)........................ $ 3. Total Annual Innovative Mine Safety Technology Tax Credit Available (Add the amounts on Line 1C and Line 2E and enter here)................................. $ 4. Maximum Innovative Mine Safety Technology Tax Credit that can be used in any tax year by any Taxpayer in combination with the Owners of the eligible Taxpayer........................................................................................... $ 5. Innovative Mine Safety Technology Tax Credit Available for use This tax period (Enter the lesser of the amount on Line 3 and Line 4 here and on Part A. Line 1).............................................................................................. $ Schedule IMSTTC-1 Rev. 9/2020 100,000.00 West Virginia Innovative Mine Safety Technology Tax Credit Page 3 of 5 EIN or WV State Tax Department Tax Account ID: Taxpayer Name: Part C — Innovative Mine Safety Technology Tax Credit (IMSTTC) Received from a Pass-Through Entity in which the Taxpayer has an Ownership Interest Pass-Through Entity Name Pass-Through Entity Employer Identification Number (EIN) Amount of IMSTTC Allocated $ $ $ $ $ $ $ $ $ $ $ 1. Total Schedule IMSTTC-1 Rev. 9/2020 $ West Virginia Innovative Mine Safety Technology Tax Credit Page 4 of 5 EIN or WV State Tax Department Tax Account ID: Taxpayer Name: Part D — Current Year Unused Innovative Mine Safety Technology Tax Credit (IMSTTC) to be Allocated to Owners 1. Current Year Allocation of West Virginia Innovative Mine Safety Technology Tax Credit (IMSTTC) from the West Virginia Office of Miners’ Health, Safety and Training (Enter the value from Part B Line 3)................ $ 2. Maximum Innovative Mine Safety Technology Tax Credit that can be used in any tax year by any Taxpayer in combination with the Owners of the eligible Taxpayer (Enter the lesser of $100,000 and the amount on Line 1) $ 3. Amount used by the Taxpayer to reduce Corporation Net Income Tax (Enter the amount from Part A Line 4D)....................................................... $ 4. Adjusted amount for potential allocation to owners (Enter the Result from subtracting the value on Line 3 from the value on Line 2)............................ $ ***Pass-Through Entities (i.e., small business corporations, limited liability companies, partnerships and other unincorporated organizations) shall allocate any unused credit after the Pass-Through Entities application of the credit against the Corporation Net Income Tax among their members in the same manner as profits and losses are allocated for the taxable year.*** Innovative Mine Safety Technology Tax Credit Allocation to Owners Owner Name Schedule IMSTTC-1 Rev. 9/2020 Owner EIN Amount of IMSTTC Allocated Ownership % % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ West Virginia Innovative Mine Safety Technology Tax Credit Page 5 of 5
Form IMSTTC1
More about the West Virginia Form IMSTTC1 Corporate Income Tax Tax Credit TY 2023
We last updated the Schedule IMSTTC1 Innovative Mine Safety Technology Tax Credit in February 2024, so this is the latest version of Form IMSTTC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IMSTTC1 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 IMSTTC1 from the Department of Revenue in February 2024.
Form IMSTTC1 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 IMSTTC1
We have a total of eight past-year versions of Form IMSTTC1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2013 Form IMSTTC1
IMSTTC-1.indd
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