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West Virginia Economic Opportunity Tax Credit Claims Against Per
Extracted from PDF file 2023-west-virginia-form-eotc-pit.pdf, last modified December 1969Economic Opportunity Tax Credit Claims Against Per
Schedule EOTC-PIT Rev. 08/2022 ECONOMIC OPPORTUNITY CREDIT CLAIMS AGAINST PERSONAL INCOME TAX Tax Period To: From: MM DD YYYY MM Taxpayer’s first name Last name Spouse’s first name (if joint return) Spouse’s last name (only if different from name given above) DD YYYY Your social security number — Spouse’s Social Security Number Present home address — City State — Zip code — Your telephone number Pˊ˛˝ I — Pˊ˜˜-Tˑ˛˘˞ːˑ E˗˝˒˝ˢ C˛ˎˍ˒˝ Cˊ˕ˌ˞˕ˊ˝˒˘˗ 1. a. Pass-through entity name........................................................................................................................................... b. Pass-through entity FEIN............................................................................................................................................ c. Pass-through entity tax year (enter ending month, day, and year).............................................................................. / 2. West Virginia apportionment factor of the pass-through entity (express as a decimal to six places) (from Form PTE-100) .............................. 3. Project payroll factor expressed as decimal to six places (Form EOTC-1, line 5b or Form EOTC-HTM, line 11) .............................................. 4. Total credit available this year (Form EOTC-1, line 8. If using Form EOTC-HTM, leave blank) ......................................................................... Amount of Credit Applied 5. a. Business and Occupation Tax (Form EOTC-1, line 7B or Form EOTC-HTM, line 12a) ............................................. b. Corporate Net Income Tax (Form EOTC-1, line 7B or Form EOTC-HTM, line 12b ) ................................................. 6. Total Credit Applied (sum of lines 5a and 5b) ................................................................................................................................................... 7. Credit Remaining (Line 4 less line 6)(If using Form EOTC-HTM, leave blank) ................................................................................................ Pˊ˛˝ II — C˕ˊ˒˖˒˗ː ˝ˑˎ C˛ˎˍ˒˝ 1. Shareholders Ownership Percentage Expressed as Decimal to six places (from Federal Form 1120S, Schedule K-1).................................... 2. Shareholders Ordinary Income From the Pass-Through Entity (from Federal Form 1120S, Schedule K-1)...................................................... 3. West Virginia Apportioned Shareholders Ordinary Income (Part I, line 2 times Part II, line 2)............................................................................ 4. Credit available to shareholder (Part I, line 7 times line 1)(If using Form EOTC-HTM, leave blank) ................................................................. 5. West Virginia Personal Income Tax filer (check one): Resident Non-resident/Part-Year resident Other......... 6. West Virginia Income for credit purposes (IT-140 filers use West Virginia adjusted gross income; other filers must calculate an equivalent West Virginia gross income following the instructions)....................................................................................................................................... 7. Qualified income fraction (express as decimal to six places; not greater than 1.0) (line 3 divided by line 6) .................................................... 8. West Virginia Income Tax.................................................................................................................................................................................... 9. Tax attributable to qualified business (Line 8 times line 7).................................................................................................................................. 10. Payroll factor (Part I, line 3)................................................................................................................................................................................ 11. Tax attributable to investment (line 9 times line 10)........................................................................................................................................... 12. Personal Income Tax offset factor (enter 0.80 unless new jobs have high median value [see instructions for additional information]) (If using Form EOTC-HTM, enter 1.00) ........................................................................................................................................................... 13. Tax subject to credit offset (line 11 times line 12)............................................................................................................................................. 14. Amount of tax credit applied (lesser of Part II, line 4 or line 13)(If using Form EOTC-HTM, use line 13) ...................................................... / EOTC-PIT ECONOMIC OPPORTUNITY CREDIT CLAIMS AGAINST PERSONAL INCOME TAX GENERAL INFORMATION To claim the credit, this schedule must be completed and filed with your Personal Income Tax return (Form IT-140). A properly completed Schedule EOTC-PIT must be accompanied by a copy of the West Virginia form EOTC-1 or EOTCHTM completed by the pass-through entity providing the Personal Income Tax credit. A copy of Federal Form 1120S, Schedule K-1 must also be attached to the Schedule EOTC-PIT showing the percentage of ownership by the party claiming the credit. A Personal Income Tax taxpayer claiming credit from more than one pass-through entity must attach these documents for each pass-through entity from which credit is claimed. Any taxpayer completing this schedule must provide a copy of the schedule to the pass-through entity through which the credit is claimed. INSTRUCTIONS FOR SCHEDULE EOTC-PIT PART I Line 5 PASS-THROUGH ENTITY CREDIT CALCULATION Enter the amount of the credit applied by the pass-through entity for each of the taxes listed. This information may be found on the Form EOTC-1 or EOTC-HTM, in the row for each respective tax type. PART II Line 4 CLAIMING THE CREDIT Each shareholder or partner is allocated the available credit based on their percentage of ownership of the pass-through entity. EOTC-HTM filers should leave this line blank. Equivalent West Virginia Gross Income for non-resident/part-year filers. Line 6 A. CALCULATE EQUIVALENT TAXABLE INCOME (ETI). 1. For taxpayers with filing status 1 (single, head of household, or widow(er) with dependent child) or filing status 2 (married filing jointly). If West Virginia Income Tax is zero, then ETI is zero; If West Virginia Income Tax is greater than zero and less than or equal to $300, the ETI is West Virginia Income Tax divided by 0.0300; If West Virginia Income Tax is greater than $300 and less than or equal to $900, then ETI is $10,000 plus the quantity obtained by subtracting $300 from the West Virginia Income Tax and dividing this result by 0.0400; If West Virginia Income Tax is greater than $900 and less than or equal to $1,575, then ETI is $25,000 plus the quantity obtained by subtracting $900 from the West Virginia Income Tax and dividing this result by 0.0450; If West Virginia Income Tax is greater than $1,575 and less than or equal to $2,775, then ETI is $40,000 plus the quantity obtained by subtracting $1,575 from the West Virginia Income Tax and dividing this result by 0.0600; If West Virginia Income Tax is greater than $2,775, then ETI is $60,000 plus the quantity obtained by subtracting $2,775 from West Virginia Income Tax and dividing this result by 0.0650. 2. For taxpayers with filing status 3 (married filing separately): If West Virginia Income Tax is zero, then ETI is zero. If West Virginia Income Tax is greater than zero and less than or equal to $150, the ETI is West Virginia Income Tax divided by 0.0300; If West Virginia Income Tax is greater than $150 and less than or equal to $450, then ETI is $5,000 plus the quantity obtained by subtracting $150 from the West Virginia Income Tax and dividing this result by 0.0400; If West Virginia Income Tax is greater than $450 and less than or equal to $787.50, then ETI is $12,500 plus the quantity obtained by subtracting $450 from the West Virginia Income Tax and dividing this result by 0.0450; If West Virginia Income Tax is greater than $787.50 and less than or equal to $1,387.50, then ETI is $20,000 plus the quantity obtained by subtracting $787.50 from the West Virginia Income Tax and dividing this result by 0.0600; If West Virginia Income Tax is greater than $1,387.50, then ETI is $30,000 plus the quantity obtained by subtracting $1,387.50 from West Virginia Income Tax and dividing this result by 0.0650. B. CALCULATE EQUIVALENT EXEMPTION VALUE (EEV). The equivalent exemption value is determined by multiplying the reported exemption value by the reported income percentage. C. EQUIVALENT WEST VIRGINIA ADJUSTED GROSS INCOME. The Equivalent West Virginia Adjusted Gross Income is determined as the minimum of Total West Virginia Income (from Form IT-140NR/PY) and the sum of the Equivalent Taxable Income (ETI) and the Equivalent Exemption Value (EEV). Line 12 Line 14 Enter 0.80, unless the median salary of the new jobs is higher than the Statewide average nonfarm payroll wage in which case enter 1.00. Entry of 1.00 must be substantiated by the attachment of the EOTC-1 filed by the pass-through entity. EOTC-HTM filers enter 1.00. Transfer the appropriate figure to the appropriate line on the Personal Income Tax return. EOTC-HTM filers use line 13, tax subject to credit offset. Information regarding this business credit schedule may be obtained by contacting the: West Virginia Tax Division Taxpayer Services P.O. Box 3784 Charleston, WV 25337-3784 Telephone: (304) 558-3333 or Toll Free: 1-800-WVA-TAXS (1-800-982-8297) TDD Service for the hearing impaired: 1-800-2TAXTDD (1-800-282-9833) Form and publication can be found on our website at tax.wv.gov Revised 08/2022
Form EOTC-PIT
More about the West Virginia Form EOTC-PIT Individual Income Tax Tax Credit TY 2023
We last updated the Economic Opportunity Tax Credit Claims Against Per in February 2024, so this is the latest version of Form EOTC-PIT, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form EOTC-PIT directly from TaxFormFinder. You can print other West Virginia tax forms here.
Other West Virginia Individual 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 IT140 | West Virginia Personal Income Tax Return |
| Schedule M | Modifications to Adjusted Gross Income |
| Form IT140ES | IT-140ES Individual Estimated Income Tax Payment |
| Income Tax Booklet | West Virginia Income Tax Instructional Booklet |
| Form WV IT-104 | Employee Withholding Exemption Certificate |
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 EOTC-PIT from the Department of Revenue in February 2024.
Form EOTC-PIT is a West Virginia Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of West Virginia Form EOTC-PIT
We have a total of eleven past-year versions of Form EOTC-PIT 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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