CIT-120TC: Summary of Corporation Net Income Tax Credits (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Form CIT-120TC summarizes corporation net income tax credits for 2024. It reports the credit calculated on each applicable schedule and the credit used, with total credits limited to the tax liability.
Who files this form
Corporations claiming a tax credit listed on the 2024 CIT-120TC must enclose this summary form and the appropriate credit calculation schedules or forms with their return.
What you'll need
Have your corporation name, FEIN, and the credit calculation schedules or forms for each credit you claim.
The form lists the required supporting document beside each applicable credit. Examples include:
- Economic Opportunity Tax Credit: Schedules EOTC-1 and EOTC-A.
- Manufacturing Investment Tax Credit: Schedules MITC-1 and MITC-A.
- West Virginia Neighborhood Investment Program Credit: Form NIPA-2.
- Farm to Food Bank Tax Credit: Department of Agriculture Certificate.
- WV Jumpstart Savings Program Credit for Employer Contribution: Schedule JSP-1.
- Build WV Property Value Adjustment Tax Credit: PVA-1.
Enclose the appropriate credit calculation schedules or forms with your return along with CIT-120TC.
How to file
- Enter your corporation name and FEIN.
- For each credit you claim, enter the credit calculated on the appropriate schedule in Column 1 and the credit used in Column 2.
- Add all credit lines above line 26 and enter the totals on line 26.
- Enter the line 26, Column 2 total on Schedule 1, line 11, or Schedule 2, line 17.
- Enclose CIT-120TC and the appropriate credit calculation schedules or forms with your return.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Claiming more credit than the tax liability. The form warns that the total amount of credit cannot exceed the tax liability.
- Leaving out required attachments. To claim a credit, you must enclose both this summary form and the appropriate credit calculation schedules or forms with your return.
Questions people ask
What is the difference between Column 1 and Column 2?
Column 1 shows the credit calculated on the appropriate schedule. Column 2 shows the credit used.
Where do I carry the total credit used?
Enter the line 26, Column 2 total on Schedule 1, line 11, or Schedule 2, line 17.
What document is listed for the Farm to Food Bank Tax Credit?
The form lists a Department of Agriculture Certificate for this credit on line 14.
Where can I get more information about these credits?
Visit tax.wv.gov or call Taxpayer Services at 1-800-982-8297.