Form 306 - Virginia Coal Related Refundable Tax Credits - 2015 Page 5
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7Schedule 306B Schedule of Tax Credit Application
*VA306B115888*
for Coal Related Tax Credits
2015
• Read the instructions before completing Schedule 306B.
• If additional space is needed, use an additional schedule or page.
Name of Company
FEIN or Social Security Number
The Coalfield Employment Enhancement Tax Credit and the Virginia Coal Employment and Production Tax Credit allow 100% refunds for previously paid
taxes imposed by the Commonwealth of Virginia that were incurred during the taxable year, up to the face value of the Coalfield Employment Enhancement
Tax Credit and the Virginia Coal Employment and Production Tax Credit. If any credit remains, it will be refunded at 85% of its face value. The remaining
balance of the credit will be deposited into a regional fund administered by the Coalfields Economic Development Authority.
Schedule 306B is used to list each state tax which the Coalfield Employment Enhancement Tax Credit and the Virginia Coal Employment and Production
Tax Credit will offset. The Coalfield Employment Enhancement Tax Credit earned and reported on the 2012 Form 306 will be allowable as a credit on the
2015 income tax return. You must have earned and reported the credit on your 2012 income tax return in order to claim the credit on your 2015 return. See
the instructions before completing this schedule. To claim the Virginia Coal Employment and Production Incentive Tax Credit, the credit must be allocated
by December 31 of the year the coal was purchased. You must complete and enclose the Schedule 306C and all corresponding Forms 306T. Required
Enclosures: Enclose a copy of the document showing payment of each tax amount claimed in Column E below.
Part I - Maximum Credit
1(a)
1 (a) 100% of the Coalfield Employment Enhancement Tax Credit from your
2012
Form 306, Line 11.
1(b)
(b) 100% of the Virginia Coal Employment and Production Incentive Credit from
2015
Schedule 306C, Line 21.
2 Total 100% Credit - Add Line 1(a) and Line 1(b).
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Part II - Credit Designation
Complete Lines 3 through 8 below using the instructions shown on the following page. The total on Line 8 may not be greater than Line 2 above.
Do not include local taxes, taxes incurred by your customers, prior year taxes, addition to tax, penalty or interest paid, if any. Complete Lines 9
through 10 using the instructions below to compute the amount of credit to be refunded.
Column A
Column B
Column C
Column D
Column E
Date(s) Paid and Tax
Type of State Tax Paid
State Agency Administering
Name of Taxpayer Earning Credit and
Tax Paid in Current
Period
for Taxable Year 2015
Tax
Taxpayer Identification Number Under
Taxable Year
Which 2015 Payment(s) Made
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7 Enter the total taxes paid from all additional pages here. (If additional space is needed, include additional pages.)
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8 Add Lines 3 - 7 above and enter here.
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9 Excess credit eligible for 85% refund:
(a) If Line 2 is greater than the amount on Line 8, enter the amount from Line 8 here and on Form 306, Part lll,
Line 12, then skip to Line 10.
9(a)
(b) If Line 8 is greater than the amount on Line 2, enter amount from Line 2 here and on Form 306, Part lll, Line
12. Next, enter 0 on Lines 10, 11 and 12.
9(b)
10 Line 2 less Line 9(a).
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11 Multiply the amount on Line 10 by 85% (.85). Enter here and on Form 306, Part lll, Line 13.
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12 Multiply the amount on Line 10 by 15% (.15).
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13 Remaining tax liability amount - Subtract Line 2 from Line 8 (if 0 or less, enter 0).
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