| State: |
WV |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Other Tax Credits |
| Description: |
1. ALTERNATIVE FUEL TAX CREDIT A tax credit of 30% per year for a 3 year period may be taken against corporate net income tax or personal income tax for eligible costs used to convert, retrofit, or purchase a motor vehicle that operates on alternative fuels. There are no carryforward provisions.
2. NATURAL GAS JOBS RETENTION CREDIT A credit of $1000 per qualified fulltime employee is allowed against the Business and Occupation Tax attributable to natural gas storage activity. There are no carryforward provisions for this credit. The number of fulltime employees to receive the credit must be at least 60% of the existing jobs with the business. |
| Eligibility Requirements: |
1. Applies to any tax payer, must meet definitions for converting or retrofitting, and must meet qualifications of alternative fuels.
2. Must be a natural gas storage activity. A fulltime employee is defined as having at least 1500 work hours per year. The credit may not exceed the total business and occupation tax. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
State of West Virginia |
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