Form Rmc - Application For Recycling Materials Processing Equipment Tax Credit Page 2
Download a blank fillable Form Rmc - Application For Recycling Materials Processing Equipment Tax Credit in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Rmc - Application For Recycling Materials Processing Equipment Tax Credit with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Application Instructions for the Recycling Materials
Processing Equipment Tax Credit
General Information
than May 1. For any application received without a postmark,
the date received by the Department will be used to determine
The Recyclable Materials Tax Credit may be claimed against
if the application was received by May 1.
individual and corporate income taxes for certain equipment
and machinery purchases. For taxable years beginning on
What to Attach
or after January 1, 2015, but before January 1, 2020, the
To allow us to process this application, provide the following:
tax credit amount is equal to 20% of the purchase price paid
•
Copies of certification of the machinery and equipment
during the taxable year for machinery and equipment used
from DEQ.
predominantly in or on the premises of manufacturing facilities
•
Proof of purchase of certified machinery and equipment,
or plant units which manufacture, process, compound, or
such as an invoice or receipt.
produce items of tangible personal property from recyclable
•
Summary of all other capitalized cost to make the
materials, within the Commonwealth, for sale. For purposes
machinery and equipment operational. This summary
of determining “purchase price paid,” the taxpayer may use
should include a date of service, description and cost.
the original total capitalized cost of such machinery and
equipment, less capitalized interest.
Where to Submit Application
The total amount of tax credits available to all taxpayers for
Submit Form RMC and any attachments to the Department
a calendar year cannot exceed $2 million. If applications for
of Taxation, ATTN: Tax Credit Unit, P.O. Box 715,
this credit exceed $2 million, the Department of Taxation will
Richmond, VA 23218-0715 or fax it to 804-774-3902.
allocate the credits on a pro rata basis. Any credit amounts
What to Expect from the Department
that exceed a taxpayer’s liability can be carried forward for 10
If the Department of Taxation needs additional information, we
years. Credits attributable to a partnership, S corporation, or
will contact you by June 1 and you will have until June 15 to
LLC will be allocated to the individual partners, shareholders,
respond. If you have not received acknowledgement of your
or members in proportion to their ownership or interest in the
application by May 31, call 804-786-2992. The Department
business entity.
will issue the credit by June 30. If you have not received
Definitions
your credit certification by July 15, please call 804-786-2992.
“Purchase price paid” may consist of:
What Does the Taxpayer Need to Do?
•
The amount actually paid for machinery and equipment
Upon receiving notification of the allowable credit amount,
that qualifies for the credit; or
taxpayers may claim the allowable credit amount on the
•
If you intend to capitalize machinery and equipment
applicable Virginia income tax return. Taxpayers who do
that sentence qualifies for the credit, an amount equal
not receive notification of allowable credit amounts before
to the original capitalized cost of such machinery and
their Virginia income tax return due date may file during
equipment minus any capitalized interest related to
the extension period or file their regular return without the
such machinery and equipment.
credit and then file an amended tax return after receipt of
“Capitalized costs” include any costs that may be capitalized
notification of the allowable credit amount. To claim the tax
for federal income tax purposes that are incurred in the
credit, a corporation must file Form 500CR; an individual
year of purchase to make machinery and equipment that
must file Schedule CR; and a pass-through entity must file
qualifies for the credit operational.
Form 502ADJ.
IMPORTANT
Pass-Through Entities
All applicants must receive certification from the Department
Each pass-through entity must file Form PTE with the
of Environmental Quality (DEQ) prior to applying with the
Department within 30 days after the credit is granted. This
Department of Taxation. All applications for certification
information should be sent to: Department of Taxation,
must be filed with DEQ by March 1. Please see Form
Attn: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-
50-11S and accompanying instructions, available via the
0715 or you may fax it to 804-786-2800. Please do not do
DEQ website at:
both. Credit must be allocated among owners in proportion
LandProtectionRevitalization/Forms.aspx. For assistance
to each owner’s percentage of ownership or participation in
with Form 50-11S, call: 804-698-4145.
the pass-through entity. All pass-through entities distributing
All business taxpayers should be registered with the
this credit to its owner(s), shareholders, partners or members
Department of Taxation before completing Form RMC. If you
must give each a Schedule VK-1, Owner’s Share of Income
are not registered, complete Form R-1. If the tax return upon
and Virginia Modifications and Credits.
which this credit will be claimed is due on or before May 1,
Where To Get Help
you may need to either submit an extension payment for any
Write to the Department of Taxation, ATTN: Tax Credit
tax due or file an amended return once you have received
Unit, P.O. Box 715, Richmond, VA 23218-0715 or call
the credit certification.
804-786-2992.
When to Submit Application
Form RMC and any supporting documentation must be
completed and mailed to the Department of Taxation no later
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial