West Virginia Tax Division Updates Recently Released Guidance on Small Business Property Tax Adjustment Credit

The West Virginia Tax Division released updated information to its recently released guidance on the state’s small business property tax adjustment credit. The Department notes that, while both businesses and individuals may be eligible to claim the SB-1 credit, it cannot be passed or sold from the party named on the receipt to another. Only the named party is eligible to claim it on their return. The Department also notes that, in order to claim the credit, taxpayers should complete form SB-1, and then enter the amount of credit from the SB-1, Line 9 - Total Credit on the IT-140, ...