Form 301 - Virginia Enterprise Zone Credit Individual Tax Page 2
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FORM 301 INSTRUCTIONS — INDIVIDUAL TAX
GENERAL INFORMATION: Enter the zone location code in the box
the carryover amount .
located at the top of the form . This code number can be obtained from the
(11) Add Lines 9 and 10 . This is the total unemployment tax credit available
for the year .
Certificate of Qualification issued by the Department of Housing and
Community Development .
(12) Enter the remaining tax attributable to enterprise zone activity (Line 6
less Line 8) .
The following rules apply when computing tax credits:
c
(13) Credit used this year: Enter the amount on Line 11 or Line 12, whichever
Where a credit is limited to a percentage of the tax, the "tax" for this
purpose shall be the tax liability, less the credit for taxes paid to other
is less .
(14) Credit carryover to subsequent years: Subtract the amount on Line 13
states .
c
from the amount on Line 11 .
Other income tax credits should be claimed in the order in which they
provide the maximum benefit, regardless of the order shown on the
FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995
return .
General Tax Credit:
c
Claim only as much credit as can be used to offset tax liability and keep
(15) Enter the percentage authorized by the Department of Housing and
accurate records of the carryover available for each credit .
Community Development .
LINE BY LINE INSTRUCTIONS:
(16) Multiply the amount from Line 6 by the percentage on Line 15 .
(17) Enter the amount of credit authorized by the Department of Housing
(1) Enter the total tax (Line 17 from Form 760 or Line 19 from Form 760PY,
and Community Development .
Line 4 from Form 770, or Line 19 from Form 763) less any credit claimed
(18) Enter the lesser of Line 16 or Line 17 . This is your current year general
for taxes paid to other states .
tax credit . Any unused tax credit may not be applied to future tax years .
(2) Enter the amount of taxable income derived from a qualified business
firm operating within an enterprise zone . Sole proprietorships enter the
Space Reserved for Future Use
income reported on federal Schedule C . Owners of pass-through entities
(19)
(S corporation shareholders, partners, LLC members, etc .) enter the
(20)
distributive share of income reported to them on federal Schedule K-1 .
(21)
Wages received from pass-through entities (a partnership, S corporation
(22)
or LLC, etc .) may not be included on this line .
(23)
(3) Enter the percentage of business done within the enterprise zone .
(24)
Qualified business firms having taxable income from business activity,
Zone Investment Tax Credit:
both inside and outside of an enterprise zone, must allocate and apportion
(25) Enter the amount of zone investment tax credit negotiated with the
on Schedule 500A (Form 500) their taxable income attributable to the
Department of Housing and Community Development .
conduct of business according to Va. Code § 59 .1-280(G) . Schedule
(26) Enter the total zone investment tax credit used in prior years .
500A must be attached to Form 301 . Owners of pass-through entities
(27) Total zone investment tax credit: Subtract Line 26 from Line 25 .
should receive a Schedule 502A (Form 502) from the pass-through entity
(28) Enter the credit amount authorized by the Department of Housing and
completed for this purpose, and attach it to their Form 301 .
Community Development .
(4) Multiply the amount on Line 2 by the percentage on Line 3 and enter
(29) Enter the amount from Line 27 or Line 28, whichever is less .
the result here and in the "Zone" column on Line 5 . If all business was
(30) Enter the amount from Line 29, not to exceed the individual tax liability
conducted inside the zone, enter the amount from Line 2 in the "Zone"
amount minus other credits claimed . For Form 760, 760PY and 763
column on Line 5 .
the total amount of credit cannot exceed the income tax reduced by
(5) Enter Virginia taxable income (Line 14 of Form 760, Line 17 of Form
the amounts on Form 301, Lines 8, 13 and 18 and the total of other tax
760PY, Line 18 from Form 763, or Line 3 of Form 770) in the "Total"
credits taken . For Form 770, the total amount of credit cannot exceed
column and zone income from Form 301, Line 4 in the "Zone" column .
Form 770, Line 4 reduced by the amounts on Form 301, Lines 8, 13
Divide the "Zone" income by the "Total" income and enter the percentage
and 18 from this form and the total of other credits taken .
in the third column .
(31) Credit carryover to subsequent year: Subtract the amount on Line 30
(6) Multiply Line 1 by the percentage on Line 5 and enter the result .
from the amount on Line 27 .
FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995
(32) Total Enterprise Zone Credit: Enter the total of all applicable Enterprise
Zone Credits for this year from Lines 8, 13, 18 and 30 . Enter the total
General Tax Credit:
here and on Schedule CR, Part 2, Line 2A (Form 760, 760PY, 763) or
(7) Enter the applicable percentage corresponding to the qualification year
for Form 770 filers, Line 5(f) .
as follows:
Operations prior to July 1, 1992
NOTE: When qualifying in more than one enterprise zone, complete a
(a) First tax year - 80%
( c ) T h i r d t a x y e a r - 4 0 %
separate Form 301 for each zone. Add the total credit amount from each
(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
Form 301 and enter that amount on Schedule CR, Part 2, Line 2A (Form
Operations beginning on or after July 1, 1992
760, 760PY, 763) or for Form 770 filers, Line 5(f) of the return.
(a) First tax year - 80%
For additional information, call (804) 367-8031 or write to the Virginia
(b) Second through tenth tax years - 60%
Department of Taxation, P.O. Box 1115, Richmond, VA 23218-1115. You
(8) Multiply the amount on Line 6 by the percentage on Line 7 . This is your
can obtain most Virginia tax forms from the Department's website at
current year general tax credit . Any unused tax credit in this category
may not be applied to future tax years .
For assistance contact:
Unemployment Tax Credit:
(9) The unemployment tax credit amount is equal to the amount of state
Virginia Department of Taxation
unemployment tax paid on employees within the enterprise zone
P . O . Box 1115
multiplied by the applicable percentage . The percentages are as follows:
Richmond, VA 23218-1115
Operations prior to July 1, 1992
(804) 367-8031
(a) First tax year - 80%
( c ) T h i r d t a x y e a r - 4 0 %
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(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
Operations beginning on or after July 1, 1992
(a) First tax year - 80%
(b) Second through tenth tax years - 60%
(10) Enter the carryover amount from the prior year . Attach computation of
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