Form 306 - Virginia Coal Related Refundable Tax Credits - 2014 Page 3
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7Part III - Credit Computation
Corporations, S corporations (or shareholders of S corporations
that are taxed as partnerships), partners in partnerships,
Sections A, B and C
members in limited liability companies and sole proprietors
Complete Part III using the instructions provided for each line, the
must also attach a copy of the Form DM-CM-2 filed with the DMME
definitions and guidelines provided in Part I, and Virginia Tax Bulletin
(partners and members will attach a copy of the entity’s Form
97-1. See the box at the top of the page labeled “TAX BULLETIN”
DM-CM-2). If more than one Form DM-CM-2 was filed, a summary
for information on obtaining this document.
schedule may be substituted that identifies the same information as
Special Instructions
on the Form DM-CM-2. If the total number of tons reported on all
Forms DM-CM-2 does not agree with the total number of tons sold as
Line 1. Enter the amount from Part II, Line 3, Col. A.
reported on Form 306, Part II, Line 1. Attach a detailed explanation
Line 2. Enter the amount from Part II, Line 3, Col. B.
of the difference.
Line 3. Enter the amount from Part II, Line 3, Col. C.
Fiscal year filers should refer to the back of Form DM-CM-2 for filing
Line 5. The total number of coal mining jobs of the person (entity)
requirements.
filing the return includes the jobs of contract operators as reflected in
Schedule 306B: Attach a copy of the document filed with the applicable
the annual tonnage reports filed with the DMME for the year the credit
state agency showing payment of the tax for which credit is claimed.
is earned. The entity claiming the credit is responsible for obtaining
Information Provided by Pass-Through Entities
the contractor’s annual tonnage reports filed with the DMME.
Pass-through entities must provide their shareholders, partners or
Line 6. The total number of coal mining jobs is the number
members with a copy of the entity’s Form 306 to attach to their
reflected in the annual tonnage reports for the year prior to the year
returns. In addition, all pass-through entities distributing this credit to
that the credit was earned. This amount includes jobs of contract
their owners, shareholders, partners or members must give each a
operators.
Schedule VK-1, Owner’s Share of Income And Virginia Modifications
Line 10. Enter the credits distributed to you from another entity. This
And Credits.
is the current year credit distribution from the pass-through entity.
Each partnership or limited liability company distributing this credit must
If claiming credits for more than one entity, attach separate Forms
also send a copy of the same partner or member information directly
306 for each entity. Add Line 10 from each additional Form 306 and
to the Virginia Department of Taxation, ATTN: Coalfield Employment
enter the total on this line.
Enhancement Tax Credit Distribution, P. O. Box 5126, Richmond,
If a distributive share includes coal tonnage from coal mined using
Virginia 23220-0126 within 60 days of making the distribution.
the underground mining method with a seam of 36” or less, a copy
Where to Get Help
of the acknowledgment document from the DMME must be provided
to each recipient.
For additional information, write to the Virginia Department of
Taxation, P. O. Box 5126, Richmond, VA 23220-0126 or call (804)
Line 11. Credit to report on the 2014 return: Instructions for this line
367-8037. Tenemos servicios disponible en Español. To order forms,
are on Form 306. This credit may be claimed against the income tax
call (804) 440-2541. If you have access to the internet, you can
in future years based on the credit redemption schedule. Apply the
obtain most Virginia income tax forms and additional tax information
credit as follows:
by visiting Forms are also available from
•
Apply the credit to the current year income tax, then
the office of your local Commissioner of the Revenue, Director of
•
Offset other state taxes incurred during that taxable year.
Finance or Director of Tax Administration.
Any remaining excess credit for that taxable year will be redeemed
at 85% of face value by the Virginia Department of Taxation. The
Credit Redemption Schedule
balance of the excess credit will be deposited in a regional economic
development fund administered by the Coalfields Economic
Taxable Year
First Taxable
Allowable
Taxable Year to
Balance of
Earned Balance
Year to Claim
Credit to Claim
Claim
Credit to Claim
Development Authority. Since this is a refundable credit, it has no
carryforward feature. See Virginia Tax Bulletin 97-1 for additional
1996
1999
50%
2005
50%
information. Distributions made to pass-through entities are reported
1997
2000
50%
2006
50%
on the current year Form 306 even though the credit may not be
1998
2001
75%
2007
25%
claimed until a future year.
1999
2002
75%
2008
25%
Section D
2000
2003
100%
Complete Part III, Section D, using the instructions provided for each
2001
2004
100%
line. Instructions for completing Schedule 306B are on a separate
2002
2005
100%
page. This schedule must be completed before completing Part III,
2003
2006
100%
Section D of Form 306.
2004
2007
100%
What to Attach
2005
2008
100%
In General
2006
2009
100%
All taxpayers claiming the credit must complete Form 306 and attach
2007
2010
100%
completed Schedules 306A and 306B, if appropriate. All taxpayers
2008
2011
100%
claiming a credit for coal sold that was mined from an underground
2009
2012
100%
seam of 36” or less must attach a copy of the statement from the
2010
2013
100%
DMME acknowledging that isopach mapping was received.
2011
2014
100%
2012
2015
100%
2013
2016
100%
2014
2017
100%
2015
2018
100%
2016
2019
100%
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