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West Virginia Commercial Patent Incentives Tax Credit
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Extracted from PDF file 2023-west-virginia-form-cpitc1.pdf, last modified December 2015Commercial Patent Incentives Tax Credit
Schedule CPITC-1 Rev. 10/15 West Virginia Schedule CPITC-1 Commercial Patent Incentives Tax Credit West Virginia State Tax Department (For periods AFTER January 1, 2015) Business Name ID Number Tax period Beginning ♦♦ ♦♦ ♦♦ MM DD ENDING YYYY MM DD YYYY Taxpayers desiring to claim the Commercial Patent Incentives Tax Credit for Developing Patents in West Virginia for Direct Use in a Manufacturing Process or Product must complete Parts A and B of this Schedule. Taxpayers desiring to claim the Commercial Patent Incentives Tax Credit for Use of a Patent in a Manufacturing Process or Product in West Virginia must complete Parts A and C of this Schedule. An owner Taxpayer desiring to claim Commercial Patent Incentives Tax Credit allocated by a Pass-Through Entity subsidiary must complete Parts A and D of this Schedule. 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) Person to contact concerning this return Date Telephone Number Signature of Preparer other than Taxpayer Part A Title Address Date Commercial Patent Incentives Tax Credit Summary 1. Current year Commercial Patent Incentives Tax Credit for Developing Patents in West Virginia for Direct Use in a Manufacturing Process or Product from attached Part B, line 9 (Total if more than one qualifying patent). Amounts not supported by attached Part B will be denied.............................................................................................................................. 1 $ 2. Current year Commercial Patent Incentives Tax Credit for Use of a Patent in a Manufacturing Process or Product in West Virginia from attached Part C, line 5 (total if more than one qualifying patent). Amounts not supported by attached Part C will be denied............................................................................................................................................................................. 2 $ 3. Current year Commercial Patent Incentives Tax Credit Assignment received from a Pass-Through Entity for which the Taxpayer has an ownership interest. Enter the amount from Total line of Part D. Amounts not supported by attached Part D will be denied................................................................................................................................................................................... 3 $ 4. Unused, Unallocated Commercial Patent Incentives Tax Credit from prior years. Enter the amount from the total line on Part E. Amounts not supported by a completed Part E will be denied....................................................................................... 4 $ 5. Total Commercial Patent Incentives Tax Credit available this tax year (add lines 1 through 4)................................................. 5 $ 6. Adjusted Personal Income Tax a Personal Income Tax – Before application of any tax credits................................. 6a $ b. Other tax credits applied to reduce Personal Income Tax.................................... 6b $ c. Adjusted Personal Income Tax (subtract the amount on line 6b from the amount on 6a). If zero or less, enter zero....... 6c $ 7. Commercial Patent Incentives Credit for application against the Personal Income Tax (enter the smaller of the amount on line 5 and the amount on line 6c here and on the Tax Credit Recap Schedule)........................................................................ 7 $ 8. Available Commercial Patent Incentives Tax Credit after application against the Personal Income Tax (subtract line 7 from line 5)......................................................................................................................................................................................... 8 $ Continued on the next page… Schedule CPITC-1 Page 1 of 6 REV. 10/15 Business Name ID Number Part A – Continued 9. Adjusted Corporation Net Income Tax a Corporation Net Income Tax – Before application of any tax credits..................... 9a $ b. Other tax credits applied to reduce Corporation Net Income Tax......................... 9b $ 9c $ 10. Commercial Patent Incentives Credit for application against the Corporation Net Income Tax (enter the smaller of the amount on line 8 or the amount on line 9c here and on the Tax Credit Recap Schedule).................................................... 10 $ 11. Available Commercial Patent Incentives Tax Credit after application against the Corporation Net Income Tax (subtract line 10 from line 8)................................................................................................................................................................... 11 $ 12. Commercial Patent Incentives Tax Credit remaining for allocation. If the Taxpayer is a Pass-Through Entity and any of the amount on line 11 is to be allocated to the owners of the Pass-Through Entity complete Part F and enter the total amount of credit to be allocated here................................................................................................................................................... 12 $ 13. Unused, unallocated Commercial Patent Incentives Tax Credit for carry forward to subsequent years. Subtract line 12 from line 11.............................................................................................................................................................................. 13 $ c. Adjusted Corporation Net Income Tax (subtract the amount on line 9b from the amount on 9a). If zero or less enter $0........... Part B Tax Incentive for Developing Patents in West Virginia for Direct Use in a Manufacturing Process or Product – Credit Qualification and Credit Calculation **See the instructions for additional documentation requirements for claimants of the Tax Incentive for Developing Patents in West Virginia for direct use in a manufacturing process or product** 1. Information on patents developed in West Virginia for which a tax credit is to be claimed: a. Patent Number......................................................................................................... 1a b. Date of Patent Application (MM/DD/YYYY)............................................................. 1b c. Patent Assignment.................................................................................................... 1c d. Patent Classification................................................................................................. 1d e. Development Location(s)............................. 1e f. Agreement/Contractual Relationship Entity 1f g. Agreement/Contractual Relationship Date............................................................... 1g h. Date Patent was sold, leased, or licensed to a third party........................................ 1h / / / / / / 2. Total Royalties, License Fees, or other Consideration from sale, lease, or licensing of the patent described in line 1 above. Do not include amounts for any activity, investment, assets, or expenditures for which any Industrial Expansion and Revitalization Credit (WV Code 13D), Coal Loading Facilities Credit (WV Code 13E), Economic Opportunity Tax Credit (WV Code 11-13Q), Strategic Research and Development tax Credit (WV Code 11-13R), Manufacturing Investment Tax Credit (WV Code 13S), or High-Tech Research Zone, Parks and Technology Tax Incentives (WV Code 18B-13) credits or tax incentives have been authorized, taken or allowed............................................................................ 2 $ If the development of the patent described above occurred only in West Virginia, skip to line 6 and enter the amount from line 2. If some of the development of the patent described above occurred outside West Virginia continue with line 3. Continued on the next page… Schedule CPITC-1 Page 2 of 6 REV. 10/15 Business Name ID Number Part B – Continued 3. Direct costs of developing the patent described above that were incurred in West Virginia................................................... 3 $ 4. Direct costs of developing the patent described above that were incurred in all locations..................................................... 4 $ 5. West Virginia development cost ratio (Divide line 3 by line 4 and enter here)....................................................................... 5 0. 6. West Virginia allocation of patent royalties, license fees, and other consideration (Multiply the amount on line 2 by the decimal value on line 5.......................................................................................................................................................... 6 $ If any of the credit amount allowed for the tax year previous to the current year was reinvested in the current tax year, complete lines 7a through 7f to determine the allowable credit percentage for the current tax year. If none of the credit allowed for the previous tax year was reinvested as indicated in Lines 7b through 7d) or there was no credit schedule completed for the prior tax year, skip to line 8 and enter 0.20 (20%). 7. Portion of previous tax year credit amount reinvested in current tax year: a. Commercial Patent Incentives Tax Credit for Developing Patents In West Virginia for direct use in a manufacturing process or product from prior year. This amount is from Schedule CPITC-1, Part B, line 9 of the previous tax year.. 7a b. Amount from line 7a reinvested in depreciable property purchased for purposes of developing additional patents in West Virginia................................................. 7b c. Amount from line 7a reinvested in improving upon a patent developed in West Virginia.................................................................................................... 7c d. Amount from line 7a contributed to a stipend to retain a graduate or postdoctoral student in West Virginia integral to the development of the patents or related technology................................................................................................. 7d e. Sum of lines 7b, 7c, and 7d................................................................................... 7e f. Ratio of directed reinvestment of the previous year’s credit amount to the total previous year credit amount. Divide the amount on line 7e by the amount on line 7a................................................................................................................... 7f 0. 8. Credit percentage for Commercial Patent Incentives Tax Credit for Developing Patents In West Virginia for direct use in a manufacturing process or product. If the value on Line 7f is greater than 0.80 (80%), enter 0.30 (30%) here, otherwise enter 0.20 (20%) here...................................................................................................................................................................................... 8 0. 9. Amount of Commercial Patent Incentives Tax Credit for Developing Patents in West Virginia for direct use in a manufacturing process and product for the current tax year. Multiply the amount on line 6 by the decimal value on line 8. Enter the resulting product here and on Part A, line 1........................................................................................................... 9 0. Schedule CPITC-1 Page 3 of 6 REV. 10/15 Business Name ID Number Tax Incentive for Use of a Patent in a Manufacturing Process of Product in West Virginia that was Developed in West Virginia **See the instructions for additional documentation requirements for claimants of the Tax Incentive for Use of a Patent in a Manufacturing Process or Product in West Virginia.** Part C 1. Information on patents used in a manufacturing process or product in West Virginia for which a tax credit is to be claimed: 1a a. Patent Number b. Patent Owner 1b c. Development Location(s) 1c d. Date Patent was first sold, leased, or licensed to a third party................................. e. Location (s) where the patent was first used in a manufacturing process or product in West Virginia.............................. 1d / / 1e 2 $ 4. Credit percentage for Commercial Patent Incentives Tax Credit for Use of a Patent in a Manufacturing Process or Product in West Virginia. If the value on Line 3e is greater than 0.80 (80%), enter 0.30 (30%) here, otherwise enter 0.20 (20%) here............................................................................................................................................................................. 4 0. 5. Amount of Commercial Patent Incentives Tax Credit for Use of a Patent in a Manufacturing Process or Product in West Virginia for the current tax year. Multiply the amount on line 2 by the decimal value on line 4. Enter the resulting product here and on Part A, line 2.................................................................................................................................. 5 $ 2. Net profit attributable to the use of the patent described above.............................................................................................. If any of the credit amount allowed for the tax year previous to the current year was reinvested in the current tax year, complete lines 3a through 3e to determine the allowable credit percentage for the current tax year. If none of the credit allowed for the previous year was reinvested as indicated in lines 3b through 3c, or there was no credit schedule completed for the prior tax year, skip to line 4 and enter 0.20 (20%). 3. Portion of previous tax year credit amount reinvested in current tax year: a. Commercial Patent Incentives Tax Credit for Use of a Patent in a Manufacturing Process or Product in West Virginia that was Developed in West Virginia from prior year. This amount is from form CPITC-1 Part C, line 5 of the previous tax year...... 3a b. Amount from line 3a reinvested in capital improvements to add product lines in West Virginia......................................................................................................... 3b c. Amount from line 3a reinvested in capital improvements to increase productivity in West Virginia................................................................................................ 3c d. Sum of lines 3b and 3c......................................................................................... 3d e. Ratio of directed reinvestment of the previous year’s credit amount to the total previous year credit amount. Divide the amount on line 3d by the amount on line 3a................................................................................................................... 3e Schedule CPITC-1 Page 4 of 6 REV. 10/15 0. Business Name ID Number Commercial Patent Incentives Tax Credit Allocated to Shareholder/Partner from Pass-Through Entity **See the instructions for additional documentation requirements for claimants of the Tax Incentive for Use of a Patent in a Manufacturing Process or Product in West Virginia** Pass Through Entity Employer Identification Pass-Through Entiy Name Number (EIN) Amount of Credit Assigned $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total $ Part D Schedule CPITC-1 Page 5 of 6 REV. 10/15 Business Name ID Number Part E Unused, Unallocated Commercial Patent Incentives Tax Credit From Prior Years 2 # of years period to current tax period 1 3 4 Original Amount of Tax Period Commercial Patent Ending Incentives Tax (MM/DD/YYY) Credit (CPITC)* for indicated Tax Period 9 8 7 6 5 4 3 2 1 / / / / / / / / / / / / / / / / / / $ $ $ $ $ $ $ $ $ 5 CPITC used to reduce tax liability in previous years $ $ $ $ $ $ $ $ $ 6 CPITC unused and unallocated CPITC allocated to (subtract the owners in previous amounts in columns years 4 and 5 from the amount in column 3 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total $ *The Original amount of Commercial Patent Incentives Tax Credit must have been established on a form CPITC-1 for the indicated tax year. Part F Unused Commercial Patent Incentives Tax Credit Allocated to Owners Owner Name Owner EIN/SSN Owner % Credit Allocated % % % % % % % % Schedule CPITC-1 Page 6 of 6 REV. 10/15 $ $ $ $ $ $ $ $
Form CPITC1
More about the West Virginia Form CPITC1 Corporate Income Tax Tax Credit TY 2023
We last updated the Commercial Patent Incentives Tax Credit in February 2024, so this is the latest version of Form CPITC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CPITC1 directly from TaxFormFinder. 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 CPITC1 from the Department of Revenue in February 2024.
Form CPITC1 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 CPITC1
We have a total of ten past-year versions of Form CPITC1 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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