Virginia Form Fwv - Application For Farm Wineries And Vineyards Tax Credit Page 4
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4Issuance of Tax Credits
What Does the Taxpayer Need to Do?
The Department is responsible for administering the Farm
Upon receiving notification of the allowable credit amount,
Wineries and Vineyards Tax Credit. Because this credit is
taxpayers may claim the allowable credit amount on the
subject to an annual $250,000 cap, taxpayers must apply for
applicable Virginia income tax return and compute any
this credit each year. To apply for the credit, taxpayers must
carryover credit amount.
submit Form FWV at the beginning of each calendar year
IMPORTANT
for qualified capital expenditures made during the preceding
All business taxpayers should be registered with the
taxable year. If the amount of tax credit applications exceeds
Department before completing Form FWV. If you are not
the $250,000 maximum, the Department will allocate all
registered, complete Form R-1.
credits on a pro rata basis. Once all credit applications have
been received, the Department will issue credit certificates
If the tax return upon which this credit will be claimed is due on
indicating the amount of credit that each taxpayer may claim
or before May 1, you may need to either submit an extension
on its annual tax return.
payment for any tax due or file an amended return once you
have received the credit certification.
Any allocated credit amounts that exceed a taxpayer’s liability
can be carried forward for 10 years. Credits attributable to
Pass-Through Entities
a partnership, S corporation, or LLC will be allocated to the
Each pass-through entity must file Form PTE with the
individual partners, shareholders, or members in proportion
Department within 30 days after the credit is granted. This
to their ownership or interest in the business entity.
information should be sent to: Department of Taxation, Attn:
When to Submit Application
Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715
or you may fax it to 804-786-2800. Please do not do both.
Form FWV and any attachments must be completed and
mailed no later than April 1 to claim expenditures for the
Credit must be allocated among owners in proportion to
preceding taxable year.
each owner’s percentage of ownership or participation in
the pass-through entity.
For any application received without a postmark, the date
received by the Department will be used to determine if the
All pass-through entities distributing this credit to its owner(s),
application was received by the filing deadline.
shareholders, partners or members must give each a
Schedule VK-1, Owner’s Share of Income and Virginia
Where to Submit Application
Modifications and Credits.
Submit Form FWV and any attachments to the Department
Where to Get Help
of Taxation, ATTN: Tax Credit Unit, P.O. Box 715,
Richmond, VA 23218-0715 or fax it to 804-774-3902. Please
Write to the Virginia Department of Taxation, ATTN: Tax
do not do both.
Credit Unit, P. O. Box 715, Richmond, VA 23218-0715 or
call 804-786-2992.
What to Expect from the Department
If the Department needs additional information the agency
will contact you by May 1 and you will have until May 15 to
respond. If you have not received acknowledgement of your
application by May 31, call 804-786-2992.
The Department will issue the credit by June 30. If you have
not received your credit certification by July 15, please call
804-786-2992.
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