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West Virginia Manufacturing Property Tax Adjustment Credit
Extracted from PDF file 2023-west-virginia-form-mptac1.pdf, last modified December 2015Manufacturing Property Tax Adjustment Credit
Manufacturing Property Tax Adjustment Credit WV/MPTAC-1 Rev. 10/15 (For periods AFTER January 1, 2015) Business Name West Virginia State Tax Department Identification Number Tax Period TO MM DD YYYY MM DD YYYY In order to claim a Manufacturing Property Tax Adjustment Credit, the claimant must be a manufacturer that also paid Ad Valorem Property Tax on manufacturing inventory to one or more West Virginia Counties during the taxable year. Manufacturing Property Tax Adjustment Credit Calculation 1. North American Industry Classification System (NAICS) Code and Description Code (Enter 6-digit NAICS Code number).................................................................... $ ____________________________________________________________________________________________ ____________________________________________________________________________________________ ____________________________________________________________________________________________ 2. Available Credit – Amount of West Virginia Ad Valorem Property Tax Paid on the Value of Manufacturing Inventory During the Tax year (Enter the sum of the amounts on Line 18 of the attached Annual Schedule(s). Credit claims without completed Annual Schedule(s) will be denied)............................................................ $ 3. Corporation Net Income Tax Liability............................................................................ $ 4. Total of other tax credits applied against the Corporation Net Income Tax.................. $ 5. 6. Adjusted Corporation Net Income Tax Liability (Line 3 minus line 4)........................... $ Manufacturing Property Tax Adjustment Credit to be applied against Corporation Net Income Tax Liability (Enter the smaller of: (a) the amount on Line 2; or (b) the amount on Line 5. Also, enter the value on Summary of Corporation Net Income Tax Credits (Form CNF-120TC)......................................................................................... $ Under penalties of perjury, I declare that I have examined this credit claimed 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 of Concerning this Return Signature of Preparer other than Taxpayer Schedule WV/MPTAC-1 Rev. 10/15 Date Telephone Number Address Title Date Page 1 of 2 Ad Valorem Property Tax on manufacturing inventory paid to West Virginia Counties during the taxable: Each tax payment (e.g., full-year, first-half, second-half) made during the Corporation Net Income Tax taxable year (not the Property Tax taxable year) must be listed separately. Also, information from each individual Property Tax statement included in a single payment must be listed separately. 1. Name of business/affiliate paying West Virginia Property Tax on manufacturing inventory....................... 2. West Virginia County to which tax was paid...................................................... 3. West Virginia Municipality in which inventory is located if applicable.......... 4. Property Tax Year................................. 5. Property Tax Ticket Number................. 6. Value of Raw Materials*....................... 7. Value of Goods in Process*................. 8. Value of Finished Goods*..................... 9. Sub-total (Add the amount on lines 6, 7, and 8)............................................... Tax Payment No. ____ Tax Payment No. ____ Tax Payment No. ____ x .60 x .60 x .60 10. Value of FreePort Exemption*.............. 11. Value of Manufacturing Inventory (Amount on line 9 less the amount on line 10)................................................. 12. Property Tax Manufacturing Inventory Assessment Factor of 60% (decimal equivalent = 0.60)................................ 13. Manufacturing Inventory Assessment (Amount on Line 11 times the Assessment Factor on Line 12)........... 14. Property Tax Rate (Cents per $100).... 15. Full-Year Manufacturing Inventory Tax (If the value of Line 14 is greater than or equal to 10, divide the amount on Line 13 by 100 and then multiply that quantity by the amount on Line 14 divided by 100. Otherwise, if the value on Line 14 is less than 10, divide the amount on Line 13 by 100 and then multiply that quantity by the amount on Line 14.) 16. If full-year tax was paid during the tax year, enter 1.0; if one-half year tax was paid, enter 0.5; otherwise 0.0....... 17. Manufacturing Inventory Tax Paid (Amount on Line 15 multiplied by the value from Line 16).............................. 18. Total Manufacturing Inventory Tax Paid, as reported on this page (sum of the values on Line 17).......... *As reported on Industrial Business Property Return (Form STC 12:32I) Schedule WV/MPTAC-1 Rev. 10/15 Page 2 of 2
Form MPTAC1
More about the West Virginia Form MPTAC1 Corporate Income Tax Tax Credit TY 2023
We last updated the Manufacturing Property Tax Adjustment Credit in February 2024, so this is the latest version of Form MPTAC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form MPTAC1 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 MPTAC1 from the Department of Revenue in February 2024.
Form MPTAC1 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 MPTAC1
We have a total of ten past-year versions of Form MPTAC1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2013 Form MPTAC1
2008 West Virginia Personal Income Tax Booklet
2012 Form MPTAC1
2008 West Virginia Personal Income Tax Booklet
2011 Form MPTAC1
2008 West Virginia Personal Income Tax Booklet
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