West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-13KK - West Virginia Tax Credit for Federal Excise Tax Imposed Upon Small Arms and Ammunition Manufacturers
Section 110-13KK-7 - Transfer of qualified investment to successors
Current through Register Vol. XLI, No. 38, September 20, 2024
7.1. Mere change in form of business. -- Property will not be treated as disposed of under W. Va. Code § 11-13KK-8 or this rule, by reason of a mere change in the form of conducting the business, as long as the property is retained in the successor's small arms and ammunition manufacturing facility in this state, and the transferor business retains a controlling interest in the successor business. The successor business may claim the amount of credit still available with respect to the business facility or facilities transferred.
7.2. Transfer or sale to successor. -- Property is not treated as disposed of under W. Va. Code § 11-13KK-8 or this rule by reason of any transfer or sale to a successor business that continues to operate the small arms and ammunition manufacturing facility in this state. Upon transfer or sale, the successor shall acquire the amount of credit that remains available under this article for each subsequent taxable year.
