(a) Mere change in form of business. -- A patent may not be treated as disposed of by reason of a mere change in the form of conducting the business as long as the patent is retained and directly used in a manufacturing process or product in this state and the person that developed the patent 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 patent transferred to a successor.
(b) Transfer or sale to successor. -- A patent may not be treated as disposed of under this article by reason of any transfer or sale to a successor business which continues to directly use the patent in a manufacturing process or product in this state. Upon transfer or sale, the successor acquires the amount of credit or deduction that remains available under this article for each subsequent taxable year.
Structure West Virginia Code
Article 13AA. Commercial Patent Incentives Tax Act
§11-13AA-2. Legislative Findings and Purpose
§11-13AA-4. Tax Incentive for Developing Patents in This State
§11-13AA-6. Transfer of Credit to Successors
§11-13AA-7. Identification of a Patent and Required Records
§11-13AA-8. Failure to Keep Records of a Patent for Which Credit Allowed
§11-13AA-9. Tax Credit Review and Accountability
§11-13AA-10. Promulgation of Rules