Form 304 - Major Business Facility Job Tax Credit

information on obtaining the proposed regulations and examples

WHERE TO GET HELP

for computing and claiming any recapture amount required.

Write the Virginia Department of Taxation, P. O.

Box 1115, Richmond, VA 23218-1115 or call (804)

Line 14. Total tax on current year return(s) after

367-8036. To order forms, call 1-888- 268-2829 (toll

priority credits, claim priority credits in the

free outside Richmond), (804) 236-2760 or (804) 236-

following order:

2761 If you have access to the World Wide Web,

claim nonrefundable credits without a carryforward

connect to to obtain most

provision (such as the credit for tax paid to another state)

Virginia income tax forms and additional tax

first;

information.

claim carryover credits from prior years (carryover credits

should be claimed in order of expiration) next;

Forms are also available from the office of your local

claim current year credits in the order of their carryover

Commissioner of the Revenue, Director of Finance or

provisions; and

Director of Tax Administration.

report any unused credits as carryovers for succeeding

taxable years to the extent allowed.

Line 15. Current year major business facility job tax credit:

Enter the lesser of line 13 or line 14 here and on the applicable

credit line of your Virginia income tax return or credit schedule.

Line 16 - Carryover credit to 2000: If line 13 is larger than line

14, enter the difference.

GENERAL CARRYOVER CREDIT INFORMATION BASED ON

THE 1999 FORM 304

The major business facility job tax credit is computed in the

credit year and allowed over a three year period. This is a

nonrefundable credit. Any amount unused this year may be

carried forward for the next ten taxable years.

SCHEDULE C: PASS-THROUGH ENTITY IDENTIFICATION

If distributing all or a portion of this credit, complete

Schedule C to identify each taxpayer to whom a portion of the

credit is distributed. Attach a separate schedule if additional

space is needed. A print-out containing the same information

may be substituted for Schedule C.

Each partnership or limited liability company distributing this

credit must also send a copy of the same partner or member

information directly to the Virginia Department of Taxation,

ATTN: Major Business Facility Job Tax Credit Distribution,

P. O. Box 1115, Richmond, Virginia 23218-1115 within 60 days

of making the distribution.

Each taxpayer in Col. A must receive a copy of the pass-

through entity's Form 304 or a statement that identifies

the entity earning the credit (name, address, and state

and federal identification number), and provides all

information set forth on Form 304. Each taxpayer

receiving a distribution will enter the amount received on

Form 304, line 8 (line 9 if receiving distributions from

multiple entities).

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Form 304 - Major Business Facility Job Tax Credit - 1999 Page 4

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