Virginia Form Itf - Application For International Trade Facility Tax Credit Page 2
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8Tax Year
VIRGINIA
Application for International
Form ITF
Trade Facility Tax Credit
___________
Page 2
Name as it appears on Form ITF
FEIN or Social Security Number
Check the box to identify the credit option for which you are applying.
Port Job Tax Credit (complete Section 1)
Port Investment Tax Credit (complete Section 2)
You cannot claim both credits in the same taxable year.
Section 1.
Port Job Tax Credit. Complete and return the attached schedules.
Please Note: No credit is allowed for the same jobs for which a Major Business Facility Job Tax Credit was claimed pursuant
to Va. Code § 58.1-439.
Year 1 -
Check this box if you are applying for a Port Job Tax Credit for the current year and complete Lines 1a, 1b,
and 1c, Schedule A, and Schedule B.
1a. Average number of qualified full-time employees reported to the Virginia
Employment Commission for the year for which you are applying - Schedule A................ __________________
1b. Number of new qualified full-time employees that resulted from increased
qualified trade activities (see instructions for information regarding fractional
employees) - Schedule B.................................................................................................... __________________
$
.00
1c. Amount of credit requested. Multiply Line 1b by $3,500..................................................
_______________
Years 2 - 6 - Check this box and indicate the year if you are reporting employee totals for a prior year Port Job Tax
Credit. Complete Lines 1d - 1h and Schedule A.
Tax year of the original credit .................................................................................................... __________________
Filing Sequence:
2nd Year
3rd Year
4th Year
5th Year
6th Year
1d. Number of qualified full-time employees reported in Year 1
(Line 1a of Form ITF for Year 1) ......................................................................................... __________________
1e. Average number of full-time employees reported during the
current year - Schedule A ................................................................................................... __________________
1f. Credit Recapture - If Line 1e is greater than or equal to Line 1d, no action is needed.
If Line 1d is greater than Line 1e, the credit reported in Year 1 must be reduced.
Subtract Line 1e from Line 1d ............................................................................................ __________________
PLEASE NOTE: The Department will notify you regarding your adjusted carryforward and whether a bill will be
forthcoming.
Section 2.
Port Investment Tax Credit.
2a. Amount of capital investment made by the taxpayer to facilitate the increased
$
.00
qualified trade activities reported on Schedule C ............................................................
_______________
$
.00
2b. Amount of credit requested. Multiply Line 2a by .02........................................................
_______________
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