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West Virginia Credit for Manufacturing Investment
Extracted from PDF file 2023-west-virginia-form-mitc-1.pdf, last modified December 1969Credit for Manufacturing Investment
Credit for Manufacturing Investment WV/MITC-1 Rev. 10/2021 West Virginia State Tax Department (for periods AFTER January 1, 2021) Business Name ID Number TAX PERIOD BEGINNING ENDING MM DD YYYY MM COMPUTATION OF ELIGIBLE INVESTMENT (Column 1) Net Cost DD (Column 3) Allowable Cost Investment (Column 2) Percentage 1. Expansion or Revitalization property with useful life of 4 years or more but less than 6 years............................................................................................ $ 33 ⅓% $ 2. Expansion or Revitalization property with useful life of 6 years or more but less than 8 years............................................................................................ $ 66 ⅔% $ $ 100% $ 3. Expansion or Revitalization property with useful life of 8 years or more....... 4. Total Eligible Expansion or Revitalization Investment.................................................................................................... YYYY $ 5. Total Potential Manufacturing Investment Tax Credit (Small Arms and Ammunition Manufacturers (NAICS 332992 or 332994 only) use 50% of line 4. All others 5% of Line 4 ............................................................................................... $ 6. Available Annual Manufacturing Investment Tax Credit (10% of Line 5) (Forfeited if not used).................................... $ 7. Available Annual Manufacturing Investment Tax Credit* from prior years (incomplete information will result in the disallowance of the credit) Reference Period (# of years prior to current tax period) Tax Period Ending Original Available Annual Credit Adjustments** Net Available Annual Credit 9 8 7 6 5 4 3 2 1 Total *Entitlement to Manufacturing Investment Tax Credit was first available for the investment placed in service or use on or after January 1, 2003. **Adjustments, including the disposal of property or machinery before the originally stated useful life, may also result in the recapture of credit previously claimed. See the instructions for the credit recapture provisions. 8. Total available Annual Manufacturing Investment Tax Credit (Line 6 plus Line 7)............................................................ $ 9. Credit Offset Factor (If the current tax year began on or after January 1, 2009 then enter 0.6, otherwise enter 0.5)...... $ 10. a) Total Severance Tax................................................................................................................................................... $ b) Amount of Other Credits Used to Offset Severance Tax............................................................................................ $ c) Adjusted Severance Tax (Subtract the amount on line 10b from the amount on line 10a and enter here).................$ d) Severance Tax Manufacturing Investment Tax Credit Offset Limit (Multiply the amount on line 10a by the value on line 9)................................................................................................................................................................................ $ e) Amount of WV Code §11-13D Credits Used to Offset Severance Tax........................................................................ $ f) Severance Tax Limit of Manufacturing Investment Tax Credit (Subtract the amount on line 10e from the amount on line 10d. Enter zero if the amount on line 10e is greater than the amount on line 10d)............................................... $ g) Severance Tax Manufacturing Investment Tax Credit (Enter the lesser of the values on lines 8, 10c and line 10f here and on the tax return)........................................................................................................................................... $ Schedule WV/MITC-1 Rev. 10/2021 Page 1 of 3 11. Available Annual Manufacturing Investment Tax Credit Adjusted for Severance Tax Claim (Subject the amount on line 10g from the amount on line 8)......................................................................................................................................... $ 12. a) Total Corporation Net Income Tax.................................................................................................................................$ b) Amount of Other Credits Used to Offset Corporation Net Income Tax......................................................................... $ c) Adjusted Corporation Net Income Tax (Subtract the amount on line 12b from the amount on line 12a and enter here... $ d) Corporation Net Income Tax Manufacturing Investment Tax Credit Offset Limit (Multiply the amount on line 12a by the value on line 9)........................................................................................................................................................$ e) Amount of WV Code §11-13D Credits used to offset Corporation Net Income Tax..................................................... $ f) Corporation Net Income Tax limit of Manufacturing Investment Tax Credit (Subtract the amount on line 12e from the amount on line 12d. Enter zero, if the amount on line 12e is greater than the amount on line 12d).......................$ g) Corporation Net Income Tax Manufacturing Investment Tax Credit (Enter the lesser of the values on lines 11, 12c or line 12f here and on the tax return)...........................................................................................................................$ Note that the sum of credit claimed on Lines 10g and 12g may not exceed the amount on line 8, the total annual credit available. The WV Code §11-13D credits amounts to be entered on Lines 10e and 12e include the Industrial Expansion and revitalization credit, Research and Development Credit, Residential Housing Development Credit, Aerospace Industrial Facility Credit). Unused annual credit forfeited. 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 Title Person to Contact Concerning this Return Signature of Preparer other than Taxpayer Schedule WV/MITC-1 Rev. 10/2021 Date Telephone Number Address Title Date Page 2 of 3 Schedule WV/MITC-1 (continued) DESCRIPTION AND LOCATION OF ITEM (LIST EACH ITEM SEPARATELY) PURPOSE DATE ACQUIRED DATE PLACED IN SERVICE TOTAL Business Name ________________________________________ Tax Period __________ Identification Number _____________________________________ 4 OR MORE BUT LESS THAN 6 Enter amount on Page 1, Col. 1, Line 2 Schedule MITC-1 6 OR MORE BUT LESS THAN 8 Enter amount on Page 1 Col. 1, Line 3 Schedule MITC-1 8 OR MORE NET COST/USEFUL LIFE (YEARS) Enter amount on Page 1, Col. 1, Line 1 Schedule MITC-1
Form MITC-1
More about the West Virginia Form MITC-1 Corporate Income Tax Tax Credit TY 2023
We last updated the Credit for Manufacturing Investment in February 2024, so this is the latest version of Form MITC-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form MITC-1 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 MITC-1 from the Department of Revenue in February 2024.
Form MITC-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 MITC-1
We have a total of ten past-year versions of Form MITC-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2013 Form MITC-1
2008 West Virginia Personal Income Tax Booklet
2012 Form MITC-1
2008 West Virginia Personal Income Tax Booklet
2011 Form MITC-1
2008 West Virginia Personal Income Tax Booklet
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