West Virginia Tax Department Adopts Income Tax Regulations on High Wage Growth Business Tax Credit

The West Virginia State Tax Department April 13 adopted regulations on the High-Wage Growth Business Tax Credit for individual income and corporate income tax purposes. The regulations include measures: 1) explaining and implementing the Tax Commissioner’s responsibilities under the credit, which took effect June 5; 2) explaining how and when the credits apply; 3) authorizing the equity owners of a pass-through entity to apply for the credit against their personal income tax liability; 4) providing that up to $100,000 of unused tax credits may be refunded to a corporation that pays the tax, if the corporation submits a timely refund ...