West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-21G - Income Tax Paid At The Entity Level By Electing Pass-Through Entities
Section 110-21G-4 - Owner's Reconciliation Tax Credit for Tax Paid at the Entity Level
Universal Citation: 110 WV Code of State Rules 110-21G-4
Current through Register Vol. XLI, No. 38, September 20, 2024
4.1. Owner's reconciliation tax credit -- Subject to the requirements and limitations of W. Va. Code §11-21-3a the owner of an electing PTE may apply a reconciliation tax credit against the owner's personal income tax liability under W. Va. Code §11-21-1 et seq., in the amount of the owner's proportionate share of the tax paid under W. Va. Code §11-21-1 et seq., by the electing PTE for the taxable year.
4.1.1. An
owner of an electing PTE may claim a reconciliation tax credit against the
owner's West Virginia individual income tax or fiduciary income tax.
4.1.2. A trust (other than a trust that is
disregarded for income tax purposes) that is an owner of an electing Subchapter
S corporation may claim the reconciliation tax credit that it receives on its
fiduciary income tax return or distribute any portion of the reconciliation tax
credit to its beneficiaries as may be appropriate: Provided, That no credit may
be claimed by both a trust and a beneficiary of the trust.
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