ADMINISTRATIVE NOTICE 91-22

Subject:	Small Business Investment and Jobs Expansion Tax Credit Inflation
Adjustments For Taxable Years Beginning in 1992

	The meaning of certain terms used in the Small Business Investment and Jobs Expansion Tax Credit law, W.Va. Code §
11­13C­7a, is subject to annual adjustment for inflation by the Tax Commissioner as provided in W.Va. Code § 11-13C-14(e)(6).

	For taxable years that begin during calendar year 1992, the terms "small business," and "new jobs" are defined as follows:

	"Small business" means a business which has an annual payroll of one million, eight hundred six thousand, nine hundred fifty dollars ($1,806,950) or less and annual gross sales of not more than six million, twenty-three thousand, two hundred dollars ($6,023,200); and

	"New job" means a "new job" as defined in W.Va. Code § 11-13C-3(b)(14):  Provided, That the annualized median compensation of such new jobs shall not be less than thirteen thousand, two hundred fifty dollars ($13,250) per year.

	A historical summary of the meaning of these terms is as follows:

				MEDIAN    
	YEAR	PAYROLL   	GROSS SALES 	COMPENSATION

	1987	$1,500,000*  	$5,000,000*  	$11,000*   
	1988	$1,500,000   	$5,000,000   	$11,000    
	1989	$1,562,050   	$5,206,850   	$11,450    
	1990	$1,700,000**	$5,500,000**	$12,000** 
	1991	$1,716,300   	$5,721,050   	$12,550    
	1992	$1,806,950   	$6,023,200   	$13,250    

 *W.Va. Code § 11-13C-7a
**W.Va. Code § 11-13C-14(e)(6)

	Notice of the annual adjustments required by W.Va. Code § 11­13C-14(e)(6) and the methodology followed in making the adjustments was filed in the West Virginia Register on November 1, 1991.


						L. Frederick Williams, Jr.
						Secretary/Tax Commissioner

						Issued:  December 12, 1991