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Category: West Virginia

West Virginia Credits

Senior Citizen Tax Credit

Low-income taxpayers who are eligible for the Homestead Property Tax Exemption may be eligible for the Senior Citizens Tax Credit. You must file a return to receive this refundable credit. Credit eligibility is restricted to taxpayers who participate in the Homestead Exemption program, who incur and pay property taxes and whose federal adjusted gross income is less than 150% of federal poverty guidelines.

The maximum federal adjusted gross income level is $17,505 for a single person household plus an additional $6,090 for each additional person in the household (e.g., $23,595 for a two-person household).

Business Investment and Jobs Expansion Credit

Note: This form (BCS-PIT) is not supported by the TaxSlayer program and must be attained from the West Virginia Department of Revenue website.

Schedule BCS-PIT and your return must be filed by the due date of the annual return without regard to extension of time for filing and payment of tax due.

Credit for Taxes Paid to Another State

West Virginia allows a credit for tax paid to another state on income taxable to West Virginia and the other state. TaxSlayer will automatically calculate this credit for your Resident West Virginia return if you have a NonResident return created in your account for the other state. If you are completing a Part-year Resident return for the other state, the allowable credit will need to be figured manually.

Part-year residents may only claim credit for taxes paid to another state during their period of West Virginia residency.

This credit is not allowed for income taxes paid to foreign countries. The credit for taxes paid to another state is a nonrefundable credit against your tax liability.

Homestead Excess Property Tax Credit

The Homestead Excess Property Tax Credit provides a refundable credit of up to $1,000 for low-income property owners whose real property tax, less senior citizen tax credit, paid on your OWNER-OCCUPIED home exceeds 4% of your income (gross household income including social security benefits).  Low-income is defined as federal adjusted gross income that is 300% or less of the federal poverty guideline, based upon the number of individuals in the family.  Eligibility for the Homestead Exemption program is not necessary to qualify for this credit.