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West Virginia Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax
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Extracted from PDF file 2016-west-virginia-form-bcspit.pdf, last modified December 1969Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax
Schedule BCS-PIT Rev. 08-12 BUSINESS INVESTMENT AND JOBS EXPANSION CREDIT CLAIMS AGAINST PERSONAL INCOME TAX Tax Period From: To: 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 Part I — Pass-Through Entity Credit Calculation 1. a. Pass-through entity name........................................................................................................................................... b. Pass-through entity FEIN............................................................................................................................................ c. Pass-through entity tax year........................................................................................................................................ 2. West Virginia apportionment factor of the pass-through entity (express as a decimal to six places; from Form SPF-100)................................ 3. Project payroll factor expressed as decimal to six places (Form WV/BCS-1, Part III, Section 2)....................................................................... 4. Annual credit allowance available (Form WV/BCS-1, Part V, Section 2, Line (a)).............................................................................................. Amount of Credit Applied 5. a. Business and Occupation Tax (Form WV/BCS-1, Part IV, Column 5, Line (a)).......................................................... b. Severance Tax (Form WV/BCS-1, Part IV, Column 5, Line (b)).................................................................................. c. Telecommunications Tax (Form WV/BCS-1, Part IV, Column 5, Line (c))................................................................... d. Business Franchise Tax (Form WV/BCS-1, Part IV, Column 5, Line (d))................................................................... 6. Amount of credit applied total (sum of lines 5a through 5d)............................................................................................................................... 7. Amount of credit remaining (line 4 less line 6)................................................................................................................................................... 8. Maximum rebate allowable current year (Form WV/BCS-1, Part V, Section 2, Line (d))................................................................................... 9. Rebate available current year (lesser of line 7 or line 8)................................................................................................................................... 10. Rebate from prior years (Form WV/BCS-1, Part V, Section 2, Line (f))............................................................................................................ Amount of Rebate Applied (First apply against prior year rebate until value exhausted) Column 1 Prior Year Column 2 Current Year 11. a. Business and Occupation Tax (Form WV/BCS-1, Part IV, Column 7, Line (a))....................................................... b. Severance Tax (Form WV/BCS-1, Part IV, Column 7, Line (b))............................................................................... c. Telecommunications Tax (Form WV/BCS-1, Part IV, Column 7, Line (c))................................................................ d. Business Franchise Tax (Form WV/BCS-1, Part IV, Column 7, Lind (d))................................................................. 12. Amount of rebate applied total (Sum of lines 11a through 11d)................................................................................... 13. Amount of credit remaining for shareholders (line 7 less line 12, column 2).................................................................................................. 14. Amount of prior year rebate available for shareholders (line 10 less line 12, column 1)................................................................................ Schedule BCS-PIT Page 1 of 3 15. Amount of current year rebate available for shareholders (line 9 less line 12, column 2)................................................................................ 16. Free-up credit available to pass-through entity (Form WV/BCS-1, Part VI, Line 9 less Form WV/BCS-1, Part IV, Column 12 applied against Business Franchise Tax)..................................................................................................................................................................... Deferred Credit Allocation (Only applicable for projects in the 11th to 13th years. All others skip to part II, line 1) 17. Available deferment credit................................................................................................................................................................................ Amount of Deferred Credit Applied 18. a. Applied against Business and Occupation Tax.......................................................................................................... b. Applied against Severance Tax................................................................................................................................. c. Applied against Telecommunications Tax.................................................................................................................. d. Applied against Business Franchise Tax................................................................................................................... 19. Amount of deferred credit applied total (sum of lines 18a through 18d)........................................................................................................... 20. Amount of deferred credit available to shareholders (line 17 less line 19)....................................................................................................... Part II — Claiming the Credit 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 13 times line 1)............................................................................................................................... 5. Prior year rebate available to shareholder (Part I, line 14 times line 1).............................................................................................................. 6. West Virginia Personal Income Tax filer (check one) Resident Non-Resident/Part-year resident Other................. 7. West Virginia income for credit purposes (Resident filers use West Virginia adjusted gross income; other filers must calculate an equivalent West Virginia gross income following the enclosed instructions)......................................................................................................................... 8. Qualified income fraction (express as decimal to six places; not greater than 1.0; line 3 divided by line 7)....................................................... 9. West Virginia Income Tax................................................................................................................................................................................... 10. Tax attributable to the qualified business (line 9 times line 8)............................................................................................................................ 11. Payroll factor (Part I, line 3)................................................................................................................................................................................ 12. Tax Attributable to Investment (line 10 time line 11)........................................................................................................................................... 13. Personal Income Tax offset factor...................................................................................................................................................................... .800 14. Tax subject to credit (line 12 times line 13)........................................................................................................................................................ 15. Amount of credit applied (lesser of line 4 or line 14).......................................................................................................................................... 16. Tax subject to rebate (line 12 less line 14)......................................................................................................................................................... 17. Amount of prior year rebate applied (lesser of line 5 or line 16)......................................................................................................................... 18. Amount of current year credit applied as rebate (enter the smallest of the following: remaining tax subject to rebate [line 16 less line 17]; or remaining credit available to shareholders [line 4 less line 15]; or amount of current year rebate available to shareholder [Part I, line 15 times line 1])..................................................................................................................................................................................................... 19. Total rebate applied (line 17 plus line 18)........................................................................................................................................................... 20. Total credit and rebate applied (line 15 plus line 19).......................................................................................................................................... 21. Deferred credit (line 20 times 20%).................................................................................................................................................................... 22. Total credit and rebate less deferred credit (line 20 less line 21)....................................................................................................................... 23. Tax eligible for free-up credit (line 12 less line 22)............................................................................................................................................. 24. Free-up credit available to taxpayer (Part I, line 16 times line 1)....................................................................................................................... 25. Final credit total (line 22 plus line 24)................................................................................................................................................................. Schedule BCS-PIT Page 2 of 3 Continuation of Claiming Deferred Credit and Carryover Rebate in the 11th and 13th Years NOTE: The following section can only be used for claiming accumulated Deferred Credit and Rebate Carryover Credit for projects in the 11th to 13th years. 26. Tax remaining attributable to investment (Part II, line 12 less Part II line 25)................................................................................................... 27. Deferred credit available to shareholders (Part I, line 20 times Part II, line 1).................................................................................................. 28. Applied deferred credit (enter the smaller of Part II, line 26 and Part II, line 27).............................................................................................. 29. Remaining rebate carryover available to shareholder (Part II, line 5 less Part II, line 17)............................................................................... 30. Applied rebate carryover credit (enter the smaller of Part II, line 29 and Part II, line 26 less Part II, line 28)................................................... 31. Total Applied Deferment Credit and Applied Rebate Carryover Credit (Part II, line 28 plus Part II, line 30)..................................................... 32. Total regular, deferment and rebate carryover credit (Part II, line 25 plus Part II, line 31)................................................................................ Schedule BCS-PIT Page 3 of 3 S chedule BCS-PIT Information and Instructions To claim this credit, this schedule must be completed and filed with your Personal Income Tax return (Form IT-140). The schedule and return must be filed by the due date of the annual return without regard to extension of time for filing and payment of tax due. A properly completed Schedule BCS-PIT must be accompanied by a copy of the form WV/BCS-1 completed by the passthrough entity providing the Personal Income Tax credit. A copy of Federal Form 1120, Schedule K-1 must also be attached to the Schedule BCS-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. These instructions are not a substitute for tax statutes and regulations. They are intended to facilitate the claiming of this credit. The statutes are codified at West Virginia Code 11-13C, and the regulations at 110 C.S.R. 13C § 1, et. seq. and may be obtained from the Secretary of State for a reasonable fee. Questions concerning interpretation of law or these forms and instructions should be addressed to the Tax Division. Specific L ine Instructions *** If the pass-through entity used WV/BCS-1, Part IV-1 in place of WV/BCS-1, Part IV, the appropriate WV/BCS-1, Part IV-B items will replace references to WV/BCS-1 Part IV citations in the following.*** PART I 5 Enter the amount of the credit applied by the passthrough entity for each of the taxes listed. This information may be found on the Form WV/BCS-1, Part IV, Column 5, in the row for each respective tax type. percent of the value of the annual credit applications until the tenth, eleventh and twelfth tax years subsequent to the year qualified investment was placed in service or use. The amount reported on Part 1, Line 17 should be the accumulated total of deferred credit less amounts claimed in prior years. PART II 11 The pass-through entity must apply all of any available rebate from prior tax years before the application of any available rebate from the current tax year. This information may be found on the Form WV/BCS-1, Part IV, column 7, in the row for each respective tax type. 13 The amount of credit remaining for application by all shareholders or partners against their respective Personal Income Tax liabilities is equal to the total amount of current year credit available, less the amount of current year credit applied to the four taxes having precedence over the Personal Income Tax for credit purposes, less the amount of current year credit applied as rebate against the four taxes having precedence over the Personal Income Tax for credit purposes. 16 The free-up credit is only available to those passthrough entities subject to the Minimum Severance Tax on Coal. 17 For tax years ending after May 31, 1993, taxpayers claiming the Business Investment and Jobs Expansion Tax Credit (Super Credit) were required to defer 20 4 Each shareholder or partner is allocated the available credit based on their percentage of ownership of the pass through entity. 7 Equivalent West Virginia Gross Income for nonresident/part-year filers. A. Calculate equivalent taxable income (ETI). 1. For taxpayers with filing status 1 (i.e. married filing jointly, single, head of household, or widow(er) with dependent child). 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 Schedule BCS-PIT Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax •1 by subtracting $300 from the West Virginia Income Tax and dividing this result by 0.0400; $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 $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 $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 $1,575 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 $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. 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. B. Calculate equivalent exemption value (EEV). The equivalent exemption value is determined by multiplying the reported exemption value by the reported income percentage. 2. For taxpayers with filing status 2 (i.e., married filing separately): C. Equivalent West Virginia Adjusted Gross Income. If West Virginia Income Tax is zero, then ETI is zero. The Equivalent West Virginia Adjusted Gross Income is determined as the minimum of Total West Virginia Income and the sum of the Equivalent Taxable Income (ETI) and the Equivalent Exemption Value (EEV). 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 23 Only taxpayers claiming this credit from a passthrough entity subject to West Virginia Severance Tax are eligible for the Free-Up credit component. 32 Transfer the appropriate value of this line to the appropriate line on the Personal Income Tax return. Information regarding this business credit schedule may be obtained by contacting the: West Virginia State Tax Department Compliance and Taxpayer Services Division PO Box 3784 Charleston, WV 25337-3784 Telephone: (304) 558-3333 or Toll free: 1-800-WVA TAXS (1-800-982-8297) A TDD Service is available for the hearing impaired by calling 1-800-2TAXTDD (1-800-282-9833) To order forms or publications, please call the automated information system at (304) 344-2068 or 1-800-422-2075, our toll free number within West Virginia Internet Address: www.wvtax.gov Schedule BCS-PIT Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax •2
Form BCSPIT
More about the West Virginia Form BCSPIT Corporate Income Tax Tax Credit
Obsolete
We last updated the Business Investment and Jobs Expansion Credit Claims Against Personal Income Tax in April 2021, and the latest form we have available is for tax year 2016. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the West Virginia Department of Revenue. You can print other West Virginia tax forms here.
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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 IT141 | Fiduciary Income Tax Return for Resident and Non-resident Estates and Trusts |
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 BCSPIT from the Department of Revenue in April 2021.
Form BCSPIT 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 BCSPIT
We have a total of five past-year versions of Form BCSPIT 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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