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Green Jobs Creation Credit

$250,000, the credits will be allocated proportionately among

all qualified taxpayers . The Virginia Department of Taxation will

For taxable years beginning on and after January 1, 2010,

determine the credit amount for the taxable year and provide a

but before January 1, 2015, a $500 income tax credit is allowed

written certification to each taxpayer . The amount of the credit

for the creation of “green” jobs paying an annual salary in

will be limited to fifty percent of the taxpayer’s tax liability for the

excess of $50,000 . Each taxpayer is allowed a credit for up

taxable year . Any unused credit amount can be carried forward

to 350 new green jobs . In order to qualify for the tax credits,

for ten years .

the taxpayer must have created the green job and filled it

during the taxable year in which the credit is claimed . The

The business must apply by April 1st using Form ITF .

credit is allowed for the taxable year in which the job has been

Submitting a late application will disqualify you from the credit .

filled for at least one year and for each of the four succeeding

All applications must be sent to the Virginia Department of

taxable years provided the job is continuously filled during the

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

respective taxable year . Any unused tax credits may be carried

0715 . This credit requires certification from the Tax Credit Unit

over for 5 taxable years .

to be claimed on your tax return . A letter will be sent to certify the

credit . For assistance contact the Department of Taxation,

To apply for this credit, complete Form GJC . All applications

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

must be submitted to the Department of Taxation, Tax Credit

or call 804-786-2992.

Unit, P. O. Box 715, Richmond, VA 23218-0715, 90 days

prior to the due date of your return. A letter will be sent to

Port Volume Increase Tax Credit

certify the credit . To claim the credit you must complete Section

An individual and corporate income tax credit is available

1, Part 24 of Schedule CR .

for taxpayers engaged in the manufacturing of goods or the

For assistance contact the Department of Taxation, Tax

distribution of manufactured goods that use Virginia maritime port

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

facilities and increase port cargo volume through these facilities .

call 804-786-2992.

To qualify for the credit, a taxpayer must generally increase

Political Contributions Credit

its port cargo volume at Virginia port facilities in a single calendar

year by 5% over its base year port cargo volume . Base year

Establishes a tax credit for individuals who make

port cargo volume is equal to the total amount of net tons of

contributions to candidates for state or local political office

noncontainerized cargo or 20-foot equivalent units (TEUs) of

equal to 50% of the amount of the contribution, subject to a

cargo actually transported by way of a waterborne ship or vehicle

$25 limit for individuals and a $50 limit for married taxpayers

through a port facility during the 2011 calendar year or the first

filing jointly .

calendar year in which it meets the requirements of 75 tons of

Farm Wineries and Vineyards Tax Credit

noncontainerized cargo or 10 loaded TEUs . The amount of the

credit is generally equal to $50 for each TEU above the base

An individual and corporate income tax credit is available for

year port cargo volume . However, a qualifying major facility may

Virginia farm wineries and vineyards in an amount equal to 25%

apply for a credit equal to $50 for each TEU transported through

of the cost of all qualified capital expenditures made in connection

a port facility during the major facility’s first calendar year .

with the establishment of new Virginia farm wineries and vineyards

and capital improvements made to existing Virginia farm wineries

Any taxpayer claiming this credit must first submit an

and vineyards .

application to the Virginia Port Authority by March 1 of the calendar

year after the taxable year in which the increase in port cargo

The total amount of tax credits available for a calendar year

volume occurs . The maximum amount of tax credits is capped

cannot exceed $250,000 . If applications for this credit exceed

at $3 .2 million for each calendar year . If, on March 15 of each

$250,000, the Department of Taxation will allocate the credits on a

year, the cumulative amount of tax credits requested by qualifying

pro rata basis . Any credit amounts that exceed a taxpayer’s liability

taxpayers for the prior year exceeds $3 .2 million, the credits will

can be carried forward for ten years . Taxpayers cannot claim both

be prorated among the qualifying taxpayers who requested the

this credit and a federal deduction for the same expenses under

credit . A qualifying taxpayer is generally not permitted to receive

IRC § 179 .

more than $250,000 each calendar year . However, if, on March

The business must apply by April 1st using Form FWV .

15 of each year, the $3 .2 million credit amount is not fully allocated

Submitting a late application will disqualify you from the credit .

among qualifying taxpayers, those taxpayers who have already

All applications must be sent to the Virginia Department of

been allocated a credit for the prior year are allowed a pro rata

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

share of the remaining credit amount . Any unused tax credits

0715 . This credit requires certification from the Tax Credit Unit

may be carried over for five taxable years .

to be claimed on your tax return . A letter will be sent to certify the

For more information, contact: Virginia Port Authority, 600

credit .

World Trade Center, Norfolk, VA 23510, or call 800-446-8098 .

For assistance contact the Department of Taxation, Tax

Barge and Rail Usage Tax Credit

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

call 804-786-2992.

An income tax credit is allowed for transporting cargo

containers by barge and rail rather than by trucks or other

International Trade Facility Tax Credit

motor vehicles on the Commonwealth’s highways . The amount

An income tax credit is allowed for either increasing jobs

of the credit is $25 per 20-foot equivalent unit or 16 tons of

related to an international trade facility or capital investment in

noncontainerized cargo moved by barge or rail rather than

an international trade facility . Taxpayers can elect to claim either

by trucks or other motor vehicles on Virginia’s highways .

credit, but cannot claim both credits in the same taxable year . The

Containers for which this credit is claimed must result from a

amount of the credit is equal to $3,500 per new qualified full-time

diversion of shipments from the highways . To receive a credit,

employee that results from increased qualified trade activities by

an international trade facility is required to apply to the Virginia

the taxpayer or two percent of the amount of capital investment

Department of Taxation . No more than $1 .5 million in tax credits

made by the taxpayer to facilitate the increased eligible trade

can be issued in any fiscal year . The Department will determine

activities .

the allowable credit amount for the taxable year and provide

a written certification of the credit amount to each taxpayer .

No more than $250,000 in tax credits can be issued in any

fiscal year . If the amount of tax credits requested exceeds

Virginia Schedule Cr Instructions - For Use With Forms 760, 760py, 763 And 765 General Information - 2012 Page 6

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