Virginia Form Fwv - Application For Farm Wineries And Vineyards Tax Credit Page 3
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Application for Farm Wineries and Vineyards Tax Credit
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General Information
Filters
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Grape harvesters
An individual and corporate income tax credit is available
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Grape plants
for Virginia farm wineries and vineyards in an amount equal
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Hoses
to 25% of the cost of all qualified capital expenditures
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Irrigation equipment
made in connection with the establishment of new Virginia
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Labeling equipment
farm wineries and vineyards and capital improvements
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Poles
made to existing Virginia farm wineries and vineyards. The
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Posts
purpose of this credit is to incentivize winery and vineyard
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Presses
establishment and expansion in Virginia by lessening the
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Pumps
burden on Virginia vineyards and farm wineries.
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Refractometers
Who May Apply?
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Refrigeration equipment
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Seeders
Any Virginia vineyard or Virginia farm winery that has
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Tanks
qualified capital expenditures may apply for this tax credit.
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Tractors
A “Virginia vineyard” means agricultural lands located in
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Vats
Virginia consisting of at least one contiguous acre dedicated
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Weeding and spraying equipment
to the growing of grapes that are used or are intended to be
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Wine tanks
used in the production of wine by a Virginia farm winery as
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Wire
well as any plants or other improvements located thereon.
The total amount of tax credits available to all taxpayers
A “Virginia farm winery” means an establishment located in
for a calendar year cannot exceed $250,000. If applications
Virginia that is licensed as a Virginia farm winery pursuant
for this credit exceed $250,000, the Department of Taxation
to Va. Code § 4.1-207. Licensed Virginia farm wineries are
will allocate the credits on a pro rata basis. Any credit
authorized to manufacture wine containing 18% or less of
amounts that exceed a taxpayer’s liability can be carried
alcohol by volume and to sell, deliver, or ship wine in closed
forward for 10 years. Credits attributable to a partnership,
containers to the following:
S corporation, or LLC will be allocated to the individual
•
The Virginia Alcoholic Beverage Control Board;
partners, shareholders, or members in proportion to their
ownership or interest in the business entity.
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Persons licensed to sell wine at wholesale for the
purpose of resale; and
Taxpayers cannot claim both this credit and a federal
deduction for the same expenses under IRC § 179.
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Persons outside Virginia.
Ineligible Expenditures
Additionally, licensed Virginia farm wineries may:
This credit may only be claimed for qualified capital
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Acquire and receive deliveries and shipments of
expenditures. Any expenditure not included in the list of
wine and sell and deliver or ship this wine to persons
qualified capital expenditures is ineligible for this credit.
licensed to sell wine at wholesale for the purpose of
Such ineligible expenditures include utilities, service costs,
resale or to persons outside Virginia, and
repair costs and maintenance costs.
Any supporting
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Store wine in bonded warehouses located on or off the
documentation must clearly differentiate the costs of
licensed premises upon permits issued by the Virginia
qualified capital expenditures from ineligible expenditures.
Alcoholic Beverage Control Board.
To qualify for the credit, the capital expenditures must be
Qualified Capital Expenditures
made in connection with the establishment of a new Virginia
“Qualified capital expenditures” means expenditures made
farm winery or vineyard or capital improvements made to an
by the taxpayer for the purchase and/or installation of the
existing Virginia farm winery or vineyard.
following:
Supporting Documentation
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Barrels
You must retain a copy of any supporting documentation
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Bins
of these expenditures for your records.
Supporting
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Bottling equipment
documentation may include any of the following:
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Capsuling equipment
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Chemicals
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Proof of purchase, such as an invoice or receipt.
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Corkers
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Proof of payment, such as a cancelled check, bank
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Crushers and destemmers
statement, or credit card statement.
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Dirt
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Fermenters or other recognized fermentation devices
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Fertilizer and soil amendments
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