Form 301 - Virginia Enterprise Zone Credit Corporation Tax Page 2
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FORM 301 INSTRUCTIONS — CORPORATION TAX
GENERAL INFORMATION: Enter the zone location code in the box
(11) Credit used this year: Enter the amount from Line 9 or 10, whichever
located at the top of the form . This code number can be obtained from
is less .
the Certificate of Qualification issued by the Department of Housing and
(12) Credit carryover to subsequent year: Subtract the amount on Line 11
Community Development .
from the amount on Line 9 .
The following rules apply when computing tax credits:
FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995
c Where a credit is limited to a percentage of the tax, the "tax" for this
General Tax Credit:
purpose shall be gross tax, less the telecommunications company credit .
(13) Enter the percentage authorized by the Department of Housing and
c Other income tax credits should be claimed in the order in which they
Community Development .
provide the maximum benefit, regardless of the order shown on the
(14) Multiply the amount from Line 4 by the percentage on Line 13 .
return .
(15) Enter the amount of credit authorized by the Department of Housing
c Claim only as much credit as can be used to offset tax liability and keep
and Community Development .
accurate records of the carryover available for each credit .
(16) Enter the lesser of Line 14 or Line 15 . This is your current year general
LINE BY LINE INSTRUCTIONS:
tax credit . Any unused tax credit may not be applied to future tax years .
(1) Enter taxable income from Line 7 or 8(a) of Form 500, as appropriate .
Space Reserved for Future Use
(2) Enter the percentage of business done within the enterprise zone .
(17)
Corporations having taxable income from business activity both
(18)
inside and outside of an enterprise zone must allocate and apportion
(19)
on Schedule A (Form 500) their taxable income attributable to the
(20)
conduct of business according to Va. Code § 59 .1-280(G) . Schedule
(21)
A (Form 500) must be attached to Form 301 . Partners, shareholders
(22)
of S corporations, and members of LLCs should receive a Schedule
Zone Investment Tax Credit:
502A from the partnership, S corporation, or LLC, completed for this
(23) Enter the amount of zone investment tax credit negotiated with the
purpose, and attach it to their Form 301 .
Department of Housing and Community Development .
(3) Enter the amount from Line 1 above if the qualified business firm
(24) Enter the total zone investment tax credit used in prior years .
operated solely within the enterprise zone . For a qualified business firm
(25) Total zone investment tax credit: Subtract Line 24 from Line 23 .
which operates both inside and outside of a zone, multiply the taxable
(26) Enter the credit amount authorized by the Department of Housing and
income subject to credit (Line 1) by the percentage of business done
Community Development .
within the enterprise zone (Line 2) .
(27) Enter the amount from Line 25 or Line 26, whichever is less .
(4) Multiply Line 3 by 6% to determine the tax attributable to enterprise
(28) Enter the amount of credit used this year: The amount entered on this
zone activity .
line is the amount on Line 27, but cannot exceed the corporation tax
FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995
liability amount (Form 500, Line 9) minus all priority credits taken on
General Tax Credit:
Form 500CR (Part II and Parts IV-XXIII) and Lines 6, 11, and 16 from
(5) Enter the applicable percentage corresponding to the qualification
this form, as applicable .
year as follows:
(29) Credit carryover to subsequent year: Subtract the amount on Line 28
Operations prior to July 1, 1992
from the amount on Line 25 .
(a) First tax year - 80%
(c) Third tax year - 40%
(30) Total Enterprise Zone Credit: Enter the total of all applicable
(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
Enterprise Zone Credits for this year from Lines 6, 11, 16 and 28 .
Operations beginning on or after July 1, 1992
Enter the total here and on Form 500CR, Part III, Line 7 .
(a) First tax year - 80%
NOTE: When qualifying in more than one enterprise zone, complete
(b) Second through tenth tax years - 60%
a separate Form 301 for each zone. Add the total credit amount from
(6) Multiply the amount on Line 4 by the percentage on Line 5 . This is your
each Form 301 and enter that amount on Form 500CR, Part III, Line 7.
current year general tax credit . Any unused tax credit in this category
For additional information, call (804) 367-8037 or write to the Virginia
may not be applied to future tax years .
Department of Taxation, P.O. Box 1115, Richmond, VA 23218-1115. You
Unemployment Tax Credit:
can obtain most Virginia tax forms from the Department's website at
(7) The unemployment tax credit amount is equal to the amount of state
unemployment tax paid on employees within the enterprise zone
multiplied by the applicable percentage . The percentages are as
For assistance contact:
follows:
Virginia Department of Taxation
Operations prior to July 1, 1992
P . O . Box 1115
(a) First tax year - 80%
(c) Third tax year - 40%
Richmond, VA 23218-1115
(b) Second tax year - 60%
(d) Fourth and fifth tax years - 20%
(804) 367-8037
Operations beginning on or after July 1, 1992
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(a) First tax year - 80%
(b) Second through tenth tax years - 60%
(8) Enter the carryover amount from the prior year . Attach a computation
of the carryover amount .
(9) Add Lines 7 and 8 . This is the total unemployment tax credit available
for the year .
(10) Enter the remaining tax attributable to a enterprise zone activity less
any general tax credit (Line 4 less Line 6) .
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