West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-21F - The Coal Severance Tax Rebate
Section 110-21F-9 - Transfer of qualified investment property to successors
Current through Register Vol. XLI, No. 38, September 20, 2024
9.1. Mere change in form of business. -- Qualified investment property may not be treated as disposed of under W. Va. Code § 11-13EE-9 by reason of a mere change in the form of conducting the business as long as the qualified investment property is retained in the successor business at the coal mining operation at which it was first placed in service or use and used to qualify for the rebate under W. Va. Code § 11-13EE-1, et. seq., and the transferor business retains a controlling interest in the successor business. In this event, the successor business is allowed to claim the remaining amount of rebate still available with respect to the qualified investment property transferred, and the transferor business may not be required to redetermine the amount of rebate allowed in earlier years.
9.2. Transfer or sale to successor. -- Qualified investment property is not treated as disposed of under W. Va. Code § 11-13EE-11 by reason of any transfer or sale to a successor business provided the successor business continues to operate the qualified investment property at the mine or coal preparation and processing facility in this state at which the qualified investment property was first placed in service or use. Upon transfer or sale, the successor shall acquire the amount of rebate, if any, that remains available under W. Va. Code § 11-13EE-1, et seq., and the transferor business is not required to redetermine the amount of rebate allowed in earlier years.
9.3. Reporting transaction. -- When there is a change in the form of the business, or there is a transfer of the business to a successor, the business that claimed the rebate must notify the Tax Commissioner of the change in the form of the business, or the transfer of the business to a successor, within 30 calendar days after the transfer or change in form and provide the information required by the Tax Commissioner regarding the event.
