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Taxpayers cannot receive a grant from the Small Business

used for burning waste motor oil . For additional information

Investment Grant Fund and claim the Qualified Equity and

concerning equipment qualifying for this credit or to apply

Subordinated Debt Investments Tax Credit for the same

for tax credit certification, contact: Virginia Department of

investment .

Environmental Quality, Attention: Equipment Certification

Officer, P. O. Box 1105, Richmond, VA 23218, or call 804-

This credit requires pre-approval by the Department of

698-4145.

Taxation. Investors must apply to the Department by April 1

Long-Term Care Insurance Tax Credit

of the year following the year the investment was made using

Form EDC. Taxpayers filing Form EDC after April 1 will be

An individual may claim a credit equal to 15% of the amount

denied this credit. All approved investors filing a timely Form

paid by the individual during the taxable year in eligible long-

EDC will be notified of the allowable credit by June 30 . Since

term care insurance premiums for long-term care insurance

the tax return of most individuals is due May 1, most investors

coverage for himself, but the total credits for any policy may

will need to file a return on extension or amend their original

not exceed 15% of the amount of premiums paid for the first

return to claim the credit .

12 months of coverage . Any unused credit may be carried

Pass-Through Entities must file Form PTE with the

forward for the next five taxable years . In order to determine

Department of Taxation at least 60 days before filing their

the amount of eligible premiums that may be used as a

income tax return . A copy of the certification letter from the

basis for this credit, the individual must subtract any amount

Department of Taxation is a required attachment to Form PTE .

actually included as a deduction on Line 4 of Schedule A of the

individual’s federal income tax return . In addition, the individual

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may not claim this credit to the extent the same premiums have

Form QBA, Form EDC and Form PTE. Information on

been used to claim the Virginia deduction for long-term health

the application process is also available from the Virginia

care premiums . It may be possible, however, for an individual

Department of Taxation, Tax Credit Unit, P. O. Box 715,

to claim this credit and the Virginia deduction in the same year .

Richmond, VA 23218-0715, or call 804-786-2992.

See the example below .

Worker Retraining Tax Credit

This credit is based on the amount paid during the taxable

This credit allows an employer to claim a tax credit for

year, even if the months covered by the policy extend into the

the training costs of providing eligible worker retraining to

following taxable year . For example, if an individual purchased

qualified employees . “Eligible worker retraining” includes

a policy on July 1 and paid for 12 months, he would base his

noncredit courses that are approved by the Department of

credit on the entire payment, even though only six months of

Business Assistance and that are provided by any of the

the coverage period would fall in the taxable year in which he

Commonwealth’s community colleges or a private school .

claimed the credit . If however, the individual made payments on

Eligible worker retraining programs also include courses (credit,

a monthly basis, he would claim a credit in the current taxable

noncredit) undertaken through an apprenticeship agreement

year for six months of premiums and a credit in the second

approved by the Virginia Apprenticeship Council . The credit is

year for the next six months of premiums in order to reach the

30% of all training costs through a community college, or up to

allowed total of 12 months . In that case, the individual could

$100 annual credit for each employee if incurred at a private

also claim a deduction in the second year for the six months

school . Employers must apply for certification of the amount

of premiums that were not used as a basis for the credit . For

of allowable credit using Form WRC, Worker Retraining Tax

more information, contact: Virginia Department of Taxation,

Credit, by April 1 of the year following the year in which the

Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715,

training expenses were paid or incurred, before claiming the

or call 804-786-2992.

credit on their income tax return . All approved businesses filing

Biodiesel and Green Diesel Fuels Tax Credit

a timely Form WRC will be notified of their allowable credit

by June 30 . The maximum Worker Retraining Credits granted

Beginning on January 1, 2008, a credit is available for

to all employers is limited to $2,500,000 annually . If the total

Virginia biodiesel and green diesel fuel producers who produce

credits approved exceed this amount, each will be prorated .

up to two million gallons of fuel per year . This credit is only

The credit is allowable against individual income tax, fiduciary

available during the first three years of production .

income tax, corporation income tax and the bank franchise

Form BFC is used to apply to the Virginia Department of

tax . The credit is also allowable against taxes imposed upon

Taxation for a Biodiesel Fuels Credit after the Department

insurance companies and utility companies (under Va. Code

of Mines, Minerals, and Energy has certified that you have

§§ 58 .1-2500 et seq . and 58 .1-2620 et seq . This credit is

satisfied all the requirements of Va. Code § 58 .1-439 .12:02 .

nonrefundable, but excess credit may be carried forward for the

The amount of the credit is $0 .01 per gallon, not to exceed

next three taxable years . To claim this credit, complete Section

$5,000 annually . Any credit not used for the taxable year may

1, Part 16 of Schedule CR . For information on pre-approved

be carried over to the next three taxable years . The amount

apprenticeship programs, contact the Virginia Department

of the credit allowed cannot exceed the tax liability for the tax

of Labor and Industry at 804-225-4362. For information on

year the credit is being claimed .

noncredit course approval, contact: Virginia Department of

Business Assistance, P. O. Box 446, Richmond, VA 23218-

The amount of the credit attributable to a partnership,

0446, or call 804-371-8120.

electing small business corporation (S corporation), or limited

liability company must be allocated to the individual partners,

Waste Motor Oil Burning Equipment Credit

shareholders, or members in proportion to their ownership or

A business that operates a business facility in Virginia

interest within the business entity using Form PTE .

that accepts waste motor oil from the public is allowed a tax

The credit may be transferred to another taxpayer . The

credit equal to 50% of the purchase price paid for equipment

transfer of the credit must be completed before the end of a

during the taxable year, provided that the equipment is used

tax year in order to use the credit for that tax year . For more

exclusively for burning waste motor oil at the business facility .

information, contact: Virginia Department of Taxation, Tax

The total credit allowed to any taxpayer in any taxable year

Credit Unit, P.O. Box 715, Richmond, VA 23218-0715, or

of purchase is limited to $5,000 . Taxpayers successfully

call 804-786-2992.

applying for equipment certification with the Department of

Environmental Quality by filing Form DEQ 50-12 will receive

a statement from that agency certifying that the equipment is

Virginia Schedule Cr Instructions - For Use With Forms 760, 760py, 763 And 765 General Information - 2012 Page 4

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