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West Virginia Free Printable Schedule Opmd.pmd for 2024 West Virginia Housing Development Project Credit (3 documents)

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Housing Development Project Credit (3 documents)
Schedule Opmd.pmd

(Rev. 03/05) SCHEDULE O HOUSING DEVELOPMENT PROJECT CREDIT For Qualified Housing Development Project Investment Placed Into Service on or Before December, 2002 Business Name: Identification Number: DETERMINATION OF ELIGIBLE INVESTMENT Property Purchased for the Housing Development Project Date Place In Service or Use Cost or Other Basis % Eligible Investment 1. Property with useful life less than of 4 years. 0 2. Four (4) years but less than six (6) years. 33.33% 3. Six (6) years but less than eight (8) years 66.66% 4. Eight (8) years or more 100 % 5. Other cost (specify) (a) (b) (c) (d) (e) 6. Total eligible investment ................................................................................................................................... $ 7. Total allowable Housing Development Project Credit (10% of line 6) ............................................................ $ 8. Annual Housing Development Project Credit (10% of line 7) .......................................................................... $ APPLICATION OF ANNUAL CREDIT (Prior to July 1, 1987) Liability Multiplier Tax Eligible for Offset Credit Claimed Business and Occupation Tax on the business of selling property. (Ch. 11, Art. 13 - Sec. 2c) x 50% Business and Occupation Tax on the business of contracting. (Ch. 11, Art. 13 - Sec. 2e) x 50% After June 30, 1987 Business and Occupation Tax x 50% Severance Tax x 50% Business Franchise Tax x 50% TOTALS ......................................................................................................................................... $ Notes: 1. The total amount of credit claimed may not exceed the lesser of: (a) the annual Housing Development Project Credit (Part I, line 8) or (b) the total amount of tax eligible for offset (Part II, Col. 3 total). 2. The itemization of property purchased for the Housing Development Credit must be completed and attached. 1 Business Name: Identification Number: ITEMIZATION FOR HOUSING DEVELOPMENT PROJECT List Each Item Date Acquired Date Placed In Service 2 Cost 4 to 6 Useful Life 6 to 8 8 or more HOUSING DEVELOPMENT PROJECT CREDIT INSTRUCTIONS To encourage capital investment in this State, thereby increasing employment and economic development, a West Virginia Business and Occupation Tax Credit is allowed to eligible taxpayers for certain housing development project expenditures in this state. A qualified housing development project is a residential housing development, located in West Virginia, that contains five (5) or more single family contiguous residential housing units or multi- family residential buildings containing five (5) or more residential housing units, which are contiguously located. A residential housing unit is any single family dwelling, or a single family unit in a multi-family dwelling, that is constructed for sale or lease to non-transients for use and occupancy as their primary residence. An eligible taxpayer is one who purchases property or services (or both) for the purpose of constructing a qualified housing development project in this state. Property purchased for a qualified housing development project includes real property, and improvements thereto, and tangible personal property incorporated into real property (whether or not attached), but only if such real or tangible personal property was constructed or purchased on or after July 1, 1986 for use as a component part of a housing project located in West Virginia. The eligible investment is the cost of land and depreciable property purchased for the construction of a qualified housing development project which is placed in service, in this state, during the tax year. The cost of each item of property purchased for the conduct of an eligible housing development project may not include tradein; insurance proceeds received in compensation for loss of property damaged, destroyed or stolen; or property used to determine the eligible investment for the Industrial Expansion and Industrial Revitalization credits. The cost of self constructed property, which may be included, is the amount properly charged to the capital account for federal depreciation purposes. The amount of allowable credit is ten percent (10%) of the eligible investment and is applied over a ten (10) year period at the rate of one-tenth (1/10) of the allowable credit per taxable year, beginning with the taxable year in which any combination of residential housing units, available for occupancy or occupied in the qualified housing development, is five (5) or more residential housing units. The annual allowable credit is claimed against the West Virginia Business and Occupation Tax imposed by Section 2C (Business of Selling Tangible Property) and Section 2e (Business of Contracting) of Article 13, Chapter 11, of the West Virginia Code. The credit may not reduce the tax liability by more than fifty percent (50%). On or after July 1, 1987, the credit may be claimed against the Business and Occupation Tax, the Severance Tax and/or The Business Franchise Tax. There is no provision for carry over or carry back of the annual credit allowance. If you are entitled to claim the Industrial Expansion Credits; the Industrial Revitalization Credit; the Industrial Expansion or Revitalization Credit; or the Research and Development Credit; (or any combination of these credits), the total amount of all credits allowed may not exceed the fifty percent (50%) rule. If, during any taxable year, property with respect to which the tax credit has been allowed is disposed of prior to the end of its useful life; ceases to be used in the qualified housing development project of the taxpayer in this state prior to the end of its useful life or if the taxpayer ceases operation of the housing project before expiration of the useful life of the property (except when the cessation is due to fire, flood, storm, or other casualty), the unused portion of the credit is forfeited and the amount of the credit allowed in earlier years must be redetermined and additional taxes, plus interest and applicable penalties that result from a reduction of the credit will be due and payable. 3
Extracted from PDF file 2023-west-virginia-schedule-o.pdf, last modified March 2005

More about the West Virginia Schedule O Corporate Income Tax Tax Credit TY 2023

We last updated the Housing Development Project Credit (3 documents) in February 2024, so this is the latest version of Schedule O, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule O directly from TaxFormFinder. You can print other West Virginia tax forms here.


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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 PTE-100 Schedule A Income/Loss Modifications to Federal Pass-Through Income

Download all WV tax forms 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 Schedule O from the Department of Revenue in February 2024.

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Schedule O 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 Schedule O

We have a total of nine past-year versions of Schedule O in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Schedule O

Schedule Opmd.pmd

2022 Schedule O

Schedule Opmd.pmd

2021 Schedule O

Schedule Opmd.pmd

2020 Schedule O

Schedule Opmd.pmd

2016 Schedule O

Schedule Opmd.pmd

2015 Schedule O

Schedule Opmd.pmd

Housing Development Project Credit (3 documents) 2013 Schedule O

Schedule Opmd.pmd

2012 Schedule O

Schedule Opmd.pmd

2011 Schedule O

Schedule Opmd.pmd


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