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West Virginia Telephone Utilities Rate Reduction Credit
Extracted from PDF file 2023-west-virginia-schedule-k.pdf, last modified December 1969Telephone Utilities Rate Reduction Credit
Rev. 07-11 Schedule K West Virginia State Tax Department Telephone Utilities Rate Reduction Credit Telephone Utilities Rate Reduction Credit Taxpayers who provide telephone service at special reduced rates to certain low income residential customers are eligible to claim this credit. The West Virginia Public Service Commission will certify the amount of the revenue deficiency, resulting from the provision of the service, to the eligible taxpayers. The amount of the credit is the cost providing the service to qualified customers, less any reimbursement received through any other means. This amount must be certified by the Public Service Commission and a copy of the certification order must be attached to the return on which the credit is claimed. The credit is allowed on the tax return for the taxable year in which the certification is received. The credit is first claimed against the West Virginia Telecommunications Tax, then against the West Virginia Corporation Net Income Tax liability. Any portion of the credit then remaining may be carried over to the next years Telecommunications Tax liability and is applied before any other credits for that year. There is no provision for carry over to subsequent years for Corporation Net Income Tax. In no event shall the total credit claimed exceed one hundred percent (100%) of the Certified revenue deficiency. Instructions Column 1 Enter the total amount of the revenue deficiency as certified by the Public Service Commission. Column 2 Enter the amount claimed as a credit against your Telecommunications Tax liability. Column 3 Subtract the amount in Column 2 from the amount in Column 1, and enter the difference. Column 4 Enter the amount being used to offset your Corporation Net Income Tax liability. Column 1, minus Columns 2 and 4, is the amount available to be carried over as a credit against Telecommunications Tax. Please note that the total amount of all tax credits may not exceed the Corporation Net Income Tax liability. Business Name Column 1 Acct. ID Number Column 2 Column 3 Amount certified as revenue Amount of deficiency claimed Amount available for deficiency by Public Service as Telecommunications Tax Corporation Net Income Tax Commission Credit Credit Column 4 Amount claimed as Corporation Net Income Tax Credit Include the amount in Column 4 on the appropriate line on the tax form being filed. This schedule must be attached to your return.
Schedule K
More about the West Virginia Schedule K Corporate Income Tax Tax Credit TY 2023
We last updated the Telephone Utilities Rate Reduction Credit in February 2024, so this is the latest version of Schedule K, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule K 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 Schedule K from the Department of Revenue in February 2024.
Schedule K 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 Schedule K
We have a total of ten past-year versions of Schedule K in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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