Development Investment Credits

10a.1. Tax Credit. -- There shall be allowed as a credit against the severance taxes imposed for the taxable year, the amount determined under W. Va. Code §§11-13C-1 et seq., 11-13D-1 et seq., and 11-13E-1 et seq. relating to:

10a.1.1. Tax credit for business investment and jobs expansion;

10a.1.2. Tax credit for industrial expansion and revitalization and eligible research and development projects;

10a.1.3. Tax credit for coal loading facilities.

10a.2. Regulations for Implementing Credit. -- The Tax Commissioner shall prescribe all necessary regulations to carry out the purposes of the tax credits outlined in Subsection 10a.1 of these regulations. No taxpayer may take a credit for a certified project under W. Va. Code §11-13C-1 et seq. without first obtaining certification of eligibility from the Tax Commissioner.

10a.3. Credit for Consumers Sales and Service Tax and Use Tax Paid. -- The severance tax shall be subject to the credits set forth in W. Va. Code §§11-15-9b and 11-15A-3b.

10a.4. Credit for Minimum Severance Tax on Coal. -- There shall be allowed as a credit against the severance taxes imposed for the taxable year on coal by W. Va. Code §11-13A-3 but not including the additional severance tax on coal imposed by W. Va. Code §11-13A-6, the amount of annual minimum severance tax on coal imposed by W. Va. Code §11-12B-3(a). The credit allowed by W. Va. Code §11-12B-3(b) shall not exceed the severance tax liability exclusive of the additional tax on coal after application of all credits to which the taxpayer may be entitled except any credit for installment payments of estimated tax or for overpayment of tax.