Virginia Form Itf - Application For International Trade Facility Tax Credit Page 8
Download a blank fillable Virginia Form Itf - Application For International Trade Facility Tax Credit in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Virginia Form Itf - Application For International Trade Facility Tax Credit with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8include expenditures associated with exterior, structural,
What to Expect from the Department
mechanical, or electrical improvements necessary to expand
If the Department needs additional information we will contact
or rehabilitate a building for commercial or industrial use and
you by May 1 and you will have until May 15 to respond. If
excavations, grading, paving, driveways, roads, sidewalks,
you have not received acknowledgement of your application
landscaping, or other land improvements. However, “capital
by May 31, call 804-786 2992.
investments” do not include the cost of acquiring any real
The Department will issue the credit by June 30. If you have
property or building; the cost of furnishings; any expenditure
not received your credit certification by July 15, call 804-
associated with appraisal, architectural, engineering,
786-2992.
or interior design fees; loan fees, points, or capitalized
interest; legal, accounting, realtor, sales and marketing,
What Does the Taxpayer Need to Do
or other professional fees; closing costs, permit fees, user
Upon receiving notification of the allowable credit amount,
fees, zoning fees, impact fees, and inspection fees; bids,
taxpayers may claim the allowable credit amount on the
insurance, signage, utilities, bonding, copying, rent loss,
applicable Virginia income tax return and compute any
or temporary facilities incurred during construction; utility
carryover credit amount.
hook-up or access fees; outbuildings; or the cost of any well
IMPORTANT All business taxpayers should be registered
or septic system.
with the Department before completing Form ITF. If you are
What to Attach
not registered, complete Form R-1.
Port Job Tax Credit
If the tax return upon which this credit will be claimed is due on
•
Virginia Port Authority (VPA) validation summaries for
or before May 1, you may need to either submit an extension
current and preceding taxable years.
payment for any tax due or file an amended return once you
have received the credit certification.
•
Schedule D should be submitted for shipments not listed
on the VPA validation summary or shipped through
Pass-Through Entities
non-VPA owned ports. Copies of Schedule D can be
Each pass-through entity must file Form PTE with the
submitted if additional space is needed.
Department within 30 days after the credit is granted. This
•
First-year applicants must complete Schedule A & B.
information should be sent to: Department of Taxation, Attn:
Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715
•
Applicants filing for years 2-6 must complete Schedule A.
or you may fax it to 804-786-2800. Please do not do both.
Port Investment Tax Credit
Credit must be allocated among owners in proportion to
•
Virginia Port Authority (VPA) validation summaries for
each owner’s percentage of ownership or participation in
current and preceding taxable years.
the pass-through entity.
•
Schedule D should be submitted for shipments not listed
All pass-through entities distributing this credit to their
on the VPA validation summary or shipped through
owners, shareholders, partners or members must give each
non-VPA owned ports. Copies of Schedule D can be
a Schedule VK-1, Owner’s Share of Income and Virginia
submitted if additional space is needed.
Modifications and Credits.
•
Must complete Schedule C. Copies of Schedule C can
Where to Get Help
be submitted if additional space is needed.
Write to the Virginia Department of Taxation, ATTN: Tax
When to Submit Application
Credit Unit, P. O. Box 715, Richmond, VA 23218-0715 or
call 804-786-2992. If you need assistance completing the VPA
Form ITF, the required schedules and any supporting
Validation Report please call 757-391-6235 or you may email
documentation must be completed and mailed by April 1 for
. For assistance with the container and
credits earned the preceding year. For each credit earned,
cargo verification process, contact the Virginia Port Authority
you must submit an updated Form ITF by April 1 each year
at (757) 391-6235 or .
for the 5 years following the year during which the credit
originated.
Supporting Documentation
For any application received without a postmark, the date
You must retain a copy of any supporting documentation of
received by the Department will be used to determine if the
capital investments for your records. Examples of supporting
application was received by the filing deadline.
documentation may include any of the following:
•
Where to Submit Application
Proof of purchase, such as an invoice or receipt;
•
Proof of payment, such as a cancelled check, bank
Submit Form ITF and attachments to the Department of
statement or credit card statement; or
Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond,
•
the depreciation worksheet for federal Form 4562 that
VA 23218-0715 or fax it to 804-774-3902.
supports capital investments being claimed/reported.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial