Form 301 - Virginia Enterprise Zone Credit State Bank Franchise Tax Page 2
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FORM 301 INSTRUCTIONS — STATE BANK FRANCHISE TAX
GENERAL INFORMATION: Enter the zone location code in the box
(13) Credit used this year: Enter the amount from Line 11 or 12,
located at the top of the form .
whichever is less .
This code number can be obtained from the Certificate of Qualification
(14) Credit carryover to subsequent year: Subtract the amount on Line
issued by the Department of Housing and Community Development .
13 from the amount on Line 11 .
The following rules apply when computing tax credits:
c A credit may only be claimed against the state Bank Franchise Tax
FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995
due on Line 18 of Form 64 .
General Tax Credit:
c Tax credits should be claimed in the order in which they provide the
(15) Enter the percentage authorized by the Department of Housing and
maximum benefit, regardless of the order shown on the return .
Community Development .
c Claim only as much credit as can be used to offset tax liability and
(16) Multiply the amount from Line 6 by the percentage on Line 15 .
keep accurate records of the carryover available for each credit .
(17) Enter the amount of credit authorized by the Department of Housing
and Community Development .
LINE BY LINE INSTRUCTIONS:
(18) Enter the lesser of Line 16 or Line 17 . This is your current year
(1) Enter the net taxable capital . This is the total taxable capital from
general tax credit . Any unused tax credit may not be applied to
Line 15 of Form 64 .
future tax years .
(2) Enter the local taxable capital . Generally, local taxable capital is
80% of Line 15, Form 64 . However, capital not assignable to a
Space Reserved for Future Use
Virginia locality is considered state taxable capital .
(19)
(3) Enter the state taxable capital . This is the net taxable capital (Line
(20)
1) less local taxable capital (Line 2) .
(21)
(4) Enter the percentage of business done within the zone . A bank hav-
(22)
ing net taxable capital arising from business locations (branches)
(23)
both inside and outside of an enterprise zone shall compute the
(24)
percentage of deposits attributable to the branch or branches in
the zone to the deposits attributable to all branches in Virginia .
Zone Investment Tax Credit:
(5) Multiply Line 3 by the percentage on Line 4 to determine the capital
(25) Enter the amount of zone investment tax credit negotiated with the
attributable to enterprise zone activity .
Department of Housing and Community Development .
(6) Enter $1 .00 per $100 .00 of the amount on Line 5 . New banks which
(26) Enter the total zone investment tax credit used in prior years .
have not been in business for a full year before the January 1 date
(27) Total zone investment tax credit: Subtract Line 26 from Line 25 .
for valuing capital, must use the prorated rate .
(28) Enter the credit amount authorized by the Department of Housing
and Community Development .
FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995
(29) Enter the amount from Line 27 or Line 28, whichever is less .
General Tax Credit:
(30) Enter the amount of credit used this year: The amount entered on
(7) Enter the applicable percentage corresponding to the qualification
this line is the amount on Line 29, but cannot exceed the Bank
year as follows:
Franchise Tax liability amount (Form 64, Line 18) minus all other
Operations prior to July 1, 1992
credits taken on Form 64 and Lines 8, 13, 18 from this form, as
(a) First tax year - 80%
(c) Third tax year - 40%
applicable .
(31) Credit carryover to subsequent year: Subtract the amount on Line
(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
Operations beginning on or after July 1, 1992
30 from the amount on Line 27 .
(a) First tax year - 80%
(32) Total Enterprise Zone Credit: Enter the total of all applicable
(b) Second through tenth tax years - 60%
Enterprise Zone Credits for this year from Lines 8, 13, 18 and 30 .
Enter the total here and on Form 64, Line 20 .
(8) Multiply the amount on Line 6 by the percentage on Line 7 . This
is your current year general tax credit . Any unused tax credit in
NOTE: When qualifying in more than one enterprise zone, complete
this category may not be applied to future tax years .
a separate Form 301 for each zone. Add the total credit amount
from each Form 301 and enter that amount on Form 64, Line 20 of
Unemployment Tax Credit:
the return. For additional information, call (804) 786-3182 or write
(9) The unemployment tax credit amount is equal to the amount of
to the Virginia Department of Taxation, P.O. Box 715, Richmond,
state unemployment tax paid on employees within the enterprise
VA 23218-0715. You can obtain most Virginia tax forms from the
zone multiplied by the applicable percentage . The percentages are
Department's website at
as follows:
Operations prior to July 1, 1992
(a) First tax year - 80%
(c) Third tax year - 40%
For assistance contact:
(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
Department of Taxation
Operations beginning on or after July 1, 1992
P .O . 715
(a) First tax year - 80%
Richmond, VA 23218-0715
(b) Second through tenth tax years - 60%
804-786-3182
(10) Enter the carryover amount from the prior year . Attach computation
of the carryover amount .
(11) Add Lines 9 and 10 . This is the total unemployment tax credit avail-
Tenemos servicios disponible en Español.
able for the year .
(12) Enter the remaining tax attributable to enterprise zone activity less
any general tax credit (Line 6 less Line 8) .
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