Definitions

2.1. General Rule. -- Unless a specific definition is provided elsewhere in this rule, or the context in which the term is used clearly requires a different meaning, the terms used in this rule have the definitions provided under W. Va. Code §§11-10-1 et seq., 11-21-1 et seq., and 11-24-1 et seq.

2.2. Terms defined.

2.2.1. The definitions set forth in W.Va. Code §11-21-3a are incorporated here by reference.

2.2.2. “Owners of qualifying pass-through entity” or “owners” means the partners of a partnership or other pass-through entity, or shareholders of an S-corporation.

2.2.3. “Partners” means a person that holds an interest directly or indirectly in a partnership or other pass-through entity. For the purposes of this rule, “person” includes, but is not limited to, any individual, firm, partnership, limited partnership, co-partnership, limited liability company, other pass-through entity, joint venture, association, corporation, municipal corporation, organization, receiver, estate, trust, guardian, executor, administrator, and any other group or combination acting as a unit.

2.2.4. “Reconciliation tax credit” means a credit that owners of an electing pass-through entity may take against their West Virginia personal income tax liability for income taxes paid by the electing pass-through entity.