Virginia Form Fwv - Application For Farm Wineries And Vineyards Tax Credit Page 4
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4Issuance of Tax Credits
What Does the Taxpayer Need to Do?
The Department of Taxation is responsible for administering
Upon receiving notification of the allowable credit amount,
the Farm Wineries and Vineyards Tax Credit. Because
taxpayers may claim the allowable credit amount on the
this credit is subject to an annual $250,000 cap, taxpayers
applicable Virginia income tax return and compute any
must apply for this credit each year. To apply for the credit,
carryover credit amount.
taxpayers must submit Form FWV at the beginning of
IMPORTANT
each calendar year for qualified capital expenditures made
All business taxpayers should be registered with the
during the preceding taxable year. If the amount of tax
Department of Taxation before completing Form FWV. If you
credit applications exceeds the $250,000 maximum, the
are not registered, complete Form R-1.
Department of Taxation will allocate all credits on a pro rata
Taxpayers who do not receive notification of allowable credit
basis. Once all credit applications have been received,
amounts before their Virginia income tax return due date may
the Department of Taxation will issue credit certificates
file during the extension period or file their regular return
indicating the amount of credit that each taxpayer may
without the credit and then file an amended tax return after
claim on its annual tax return.
receipt of notification of the allowable credit amount to claim
Any allocated credit amounts that exceed a taxpayer’s liability
the tax credit.
can be carried forward for 10 years. Credits attributable to
Pass-Through Entities
a partnership, S corporation, or LLC will be allocated to the
individual partners, shareholders, or members in proportion
Each pass-through entity must file Form PTE with the
to their ownership or interest in the business entity.
Department of Taxation within 30 days after the credit is
granted. This information should be sent to: Department of
When to Submit Application
Taxation, Attn: Tax Credit Unit, P.O. Box 715, Richmond,
Form FWV and any attachments must be completed and
VA 23218-0715 or you may fax it to 804-786-2800. Please
mailed no later than April 1 to claim expenditures for the
do not do both.
preceding taxable year.
All pass-through entities distributing this credit to its owner(s),
Where to Submit Application
shareholders, partners or members must give each a
Submit Form FWV and any attachments to the Department
Schedule VK-1, Owner’s Share of Income and Virginia
of Taxation, ATTN: Tax Credit Unit, P.O. Box 715,
Modifications and Credits.
Richmond, VA 23218-0715 or fax it to 804-367-3021. Please
Where to Get Help
do not do both.
Write the Department of Taxation, ATTN: Tax Credit
What to Expect from the Department of Taxation
Unit, P. O. Box 715, Richmond, VA 23218-0715 or call
All applicants should receive a letter acknowledging their
804-786-2992.
FWV application. If you have applied by the April 1
deadline and have not received an acknowledgment
letter from the Department by May 15, please call the
Tax Credit Unit at 804-786-2992. The Virginia Department
of Taxation will review all applications for completeness and
notify taxpayers of any errors by June 1. If any additional
information is needed, it must be provided no later than June
15 in order for the investment to be considered for the tax
credit. All eligible taxpayers shall be notified by June 30 as
to the allowable credit amount that may be claimed for the
qualified investment.
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