Form 306 - Virginia Coal Related Refundable Tax Credits - 2014

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Form 306
2014 Virginia Coal Related
*VA0306114888*
Refundable Tax Credits
Coalfield Employment Enhancement Tax Credit and
Virginia Coal Employment and Production Incentive Tax Credit
For Calendar Year 2014. FISCAL YEAR filers: Enter beginning date ___________, _____ and ending date ____________, _____ and check here.
Name of Company
FEIN or Social Security Number
The Coalfield Employment Enhancement Tax Credit provides a composite tax credit for coal mined in Virginia and coal bed methane gas produced in Virginia
based on a per ton or per million BTU rate and an employment factor. This credit will be earned and reported on the 1996 through 2016 Virginia income tax returns
and claimed on the 1999 through 2019 income tax returns based on the credit redemption schedule in the Form 306 instructions; it may not be claimed prior
to the 1999 return. If the credit amount exceeds the tax on the income tax return when filed, the excess credit will be applied to any other taxes imposed by the
Commonwealth of Virginia. The Department of Taxation will redeem any remaining credit as follows: 85% will be refunded directly and the remaining 15% will be
deposited in a regional economic development fund administered by the Coalfields Economic Development Authority.
The Virginia Coal Employment and Production Incentive Tax Credit may be allocated between a qualifying electricity generator and qualifying person with
an economic interest in coal. The allocation of this credit may not exceed $3 per ton. All credits earned on or after January 1, 2006, or prior to July 1, 2016, which
are allocated to persons with an economic interest in coal may be redeemed by the Tax Commissioner if the credits exceed the taxpayer’s state tax liability for
the applicable taxable year.
Part I - Qualifications (See instructions).
Coal Credit: Check this box if you meet all qualifications for this credit.
Coal Bed Methane Credit: Check this box if you meet the qualification for this credit.
Virginia Coal Employment and Production Incentive Tax Credit: Check this box if you meet the qualifications for this credit.
If you do not qualify directly for this credit, but qualify by receiving a credit distribution from a pass-through entity, go to Part III, Line 10.
PART II - Tons of Coal Sold (Attach a separate schedule if additional space is needed).
Show the total tonnage of each type of qualifying coal for the taxable year for which the Coalfield Employment Enhancement Tax Credit is to be computed
in Part III. See instructions.
Col. A
Col. B
Col. C
Underground
Underground
Surface Mined
Seam 36” or Less
Seam over 36”
1. Enter the number of tons of qualifying coal sold during the taxable year.
2. Enter, from Schedule 306A, the number of tons of qualifying coal sold during the
taxable year for which the purchaser is eligible for the Virginia Coal Employment
and Production Incentive Tax Credit.
3. Subtract Line 2 from Line 1.
Enter the result below in the “Number of Tons Sold” column.
Part III - Credit Computation
A.
Coal Credit Base (see instructions for definitions). Enter the qualifying tonnage on which the coal credit base is computed. If claiming this credit, and you also sold
qualifying tonnage and issued a certificate to the purchaser, complete Schedule 306A. Do not include amounts from Schedule 306A, Column E, in this section.
Number of Tons Sold
Credit Earned
1. Underground mining method: Seam thickness 36” or less:
Enter amount from Part II, Line 3, Col. A, above.
1.
X
$2.00
=
2. Underground mining method: Seam thickness over 36”:
Enter amount from Part II, Line 3, Col. B, above.
2.
X
$1.00
=
3. Coal mined using surface mining method:
Enter amount from Part II, Line 3, Col. C, above.
3.
X
$0.40
=
4. Total Credit Base (add Lines 1, 2 and 3)
4.
B. Employment Factor (see instructions for definitions).
5. Total number of Virginia coal mining jobs for the calendar year ending within the taxable year.
5.
6. Total number of Virginia coal mining jobs for the preceding calendar year.
6.
7. Employment Factor (divide Line 5 by Line 6). Do not enter more than 100%.
7.
%
C. Credit Computations and Credit Distributions Earned for 2014 (report credit on 2017 return).
8. Tentative coal mining credit (multiply Line 4 by the percentage on Line 7).
8.
9. Coal bed methane gas producer credit ($.01 per million BTU of coal bed methane gas produced in Virginia).
9.
10. Credit distributions from pass-through entities (see instructions).
10.
11. 2014 Coalfield Employment Enhancement Tax Credit earned. Enter the total of Lines 8, 9 and 10 here*.
11.
*Also enter this amount on the Coalfield Employment Enhancement Tax Credit earned line of your tax return or credit schedule.
D. Application of Coal Related Tax Credits Earned (from 2014 Schedule 306B).
12. Full tax credit: Enter amount from 2014 Schedule 306B, Line 9(a) or 9(b).
12.
13. Excess tax credit (85%): Enter amount from 2014 Schedule 306B, Line 11.
13.
14. Total Credit Allowable This Year: Add Lines 12 and 13.
14.
Va. Dept. of Taxation 2601152 306 W
Rev 07/14
Page 1

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