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West Virginia Strategic Research and Development Tax Credit
Extracted from PDF file 2023-west-virginia-form-srdtc1.pdf, last modified December 2015Strategic Research and Development Tax Credit
WV/SRDTC-1 REV 09/15 Strategic Research and Development Tax Credit (For periods after January 1, 2015) NOTE: This schedule is for qualified investment items placed into service for periods after December 31, 2002. Business Name Identification Number Tax Period to COMPUTATION OF ELIGIBLE INVESTMENT ▲▲ Research and Development companies complete all lines. ▲▲ Owners allocated Strategic Research and Development Tax Credit, complete lines 13 through 26. Column 1 Net Cost Column 2 Allowable Cost Percentage Column 3 Eligible Investment 1. Property with useful life of less than 4 years.................... $ 33 ⅓% $ 2. Property with useful life of 4 years but less than 6........... $ 66 ⅔% $ 3. Property with useful life of 6 years or more...................... $ 100% $ 4. In-house research expenses............................................ $ 100% $ 5. Outside contract research expense................................. $ 65% $ 6. Total eligible investment................................................................................................................................................................. $ If you conducted research and development in West Virginia during prior years, go to Line 7a, otherwise skip to line 1. 7a. Preceding Year R & D investment and expenses................................................................................................................................. $ 7b. Second preceding Year R & D investment and expenses.................................................................................................................... $ 7c. Third preceding Year R & D investment and expenses........................................................................................................................ $ 8. Total R & D investment and expenses – Three preceding years (add the amounts on lines 7a, 7b, and 7c)..................................... $ 9. Average R & D investment and expenses – Three preceding years (divide amount on line 8 by 3, or enter $0 if you skipped line 7 & 8).... $ 10. Excess total eligible investment (line 6 amount less line 9 amount [cannot be less than $0])............................................................ $ 11. Allowable excess total eligible investment (Multiply line 10 amount by 10%)..................................................................................... $ 12. Allowable annual total eligible investment (Multiply line 6 amount by 3%).......................................................................................... $ 13. Amount of current year credit allowed (R & D companies enter the greater of line 11 or line 12; owners enter current year credit allocated from an R & D company).................................................................................................................................................... $ 14. Enter available unused credit from prior years................................................................................................................................... $ 15. Total Credit (Add lines 13 and 14)....................................................................................................................................................... $ 16. Total Corporation Net Income Tax....................................................................................................................................................... $ 17. Enter amount of credit Claimed against Corporation Net Income Tax................................................................................................ $ 18. Total Qualified Personal Income Tax................................................................................................................................................... $ 19. Enter amount of Credit claimed against Personal Income Tax........................................................................................................... $ 20. Total credit claimed this year (sum of line 17 and line 19).................................................................................................................. $ 21. Credit balance (subtract line 20 from line 15)..................................................................................................................................... $ Continued on the next page… Schedule WV/SRDTC-1 Rev. 9/15 Page 1 of 2 …Continued from the previous page 22. Strategic Research and Development Credit Allocated to Owners Owner Name Owner FEIN Strategic Research and Development Credit Allocated Owner Ownership % $ $ $ $ TOTAL ALLOCATED............................................................................................................................................................................. $ 23. Unused Credit (Subtract Total Allocated Credit from line 21)............................................................................................................ $ 24. Refundable credit* for “Small Qualified Research and Development Company” In order to claim a refundable credit, all of the following must be satisfied: I Qualified R & D Investment/Expenditure made on or after July 1, 2004 and the tax year of the Qualified Research and Development Company began on or after July 1, 2004.** II Qualified R & D Investment/Expenditure made prior to January 1, 2008. III Gross Revenues of R & D company, including controlled group, less than or equal to $20,000,000. IV Payroll of R & D company, including controlled group, less than or equal to $2,500,000. If conditions I, II, III, and IV have been satisfied, enter minimum of $100,000*** or the amount on Line 23..................................... (Corporation Net Income Tax Taxpayers enter the refundable credit on the “Prior year carryforward” line and enter a note and amount to the left of the entry field. Personal Income Tax taxpayers enter the refundable credit on the “Tax Credits/Employment/Family Adoption Credit” Line) $ 25. Credit Carry Over Recap Year of Credit Carry-Over Amount Amount used in prior carry-over years Amount Used This Year Remaining Credit *The Refundable Credit is subject to an overall statutory limit. Thus, the amount of credit may be reduced by the Tax Commissioner upon the review of all credit claims. **The tax year of the Qualified Research and Development Company must begin on or after July 1, 2004. For example, a Taxpayer whose tax year begins on January 1 cannot claim the refundable credit for the January 1, 2004 to December 31, 2004 tax year (the first tax year that a January 1 to December 31 tax year filer can claim the refundable credit would be the January 1, 2005 to December 2005 tax year). ***The total Refundable Credit claimed by an eligible Taxpayer, including owners and the controlled group cannot exceed $100,000. Schedule WV/SRDTC-1 Rev. 9/15 Page 2 of 2
Form SRDTC1
More about the West Virginia Form SRDTC1 Corporate Income Tax Tax Credit TY 2023
We last updated the Strategic Research and Development Tax Credit in February 2024, so this is the latest version of Form SRDTC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SRDTC1 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 SRDTC1 from the Department of Revenue in February 2024.
Form SRDTC1 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 SRDTC1
We have a total of ten past-year versions of Form SRDTC1 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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