WVC 11 - 13 S- 7
§11-13S-7. Transfer of property purchased for manufacturing
investment to successors.
(a) Mere change in form of business.
-- Property may not be
treated as disposed of under section six of this article, by reason
of a mere change in the form of conducting the business as long as
the property is retained in a business in this state for use in the
activity of manufacturing in an industrial facility in West
Virginia, and the taxpayer retains a controlling interest in the
successor business. In this event, the successor business is
allowed to claim the amount of credit still available with respect
to the property or industrial facility transferred, and the
taxpayer (transferor) may not be required to redetermine the amount
of credit allowed in earlier years.
(b) Transfer or sale to successor. -- Property will not be
treated as disposed of under section six of this article by reason
of any transfer or sale to a successor business which continues to
use the property in manufacturing in an industrial facility in West
Virginia. Upon transfer or sale, the successor shall acquire the
amount of credit that remains available under this article for each
subsequent taxable year, and the taxpayer (transferor) shall not be
required to redetermine the amount of credit allowed in earlier