Form 304 - Major Business Facility Job Tax Credit Page 6
Download a blank fillable Form 304 - Major Business Facility Job 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 304 - Major Business Facility Job 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
2
3
4
5
6Schedule B
taxable year begins on or after January 1, 2009 but before
January 1, 2015.
Complete Schedule B to compute the average number of
Exception: Affiliated companies that aggregated jobs to
qualifying employees on a monthly basis.
qualify for this credit and file separate Virginia returns
Lines A through L:
must enter the prorated current year credit amount here
Column A
On each line, enter the number of qualified
and attach a statement reflecting the prorated amount for
full‑time or equivalent full‑time employees
each affiliated company.
who filled new permanent (indefinite
Line 8: Credit to be recaptured this year: If the average
duration) full‑time positions in Virginia
number of qualifying employees, as determined by
and were employed for the same number
your current year quarterly filings with the Virginia
of months during the credit year.
Employment Commission (Line 3b), is less than the
Column B
The number of months preprinted in Column
average number of qualifying employees for your credit
B should be the number of months that the
year (Line 3a), you may be required to recapture all or
qualifying employees in Column A on the
a portion of the Major Business Facility Job Tax Credit.
same line worked during the credit year.
Recapture is based on qualified full‑time employees, but
Column C For each line, multiply the amount in
is not contingent upon specific employees. Consequently,
Column A by the amount in column B.
recapture will not occur as a result of employee turnover
if average employment does not decrease.
Lines M and N:
General Carryover Credit Information Based on
Line M
Add the amounts in Column C, Lines A
Form 304
through L.
The Major Business Facility Job Tax Credit is computed in
Line N
Divide Line M by 12. Enter here and on
the credit year and allowed over a two or three year period.
Form 304, Line 3a.
This is a nonrefundable credit. Any amount unused may be
Schedule C
carried forward for the next ten taxable years.
Tier 1 and Tier 2 pass-through entities must complete
Schedule A
Schedule C for each year that a credit is earned (generally
Complete Schedule A to identify each qualifying employee
years 1 - 3).
according to the instructions provided. Please complete this
In addition, a pass‑through entity is also required to
section for each year (1 - 6) that Form 304 is filed.
complete a Form 502 and send each participant a copy of
the pass‑through entity’s certification letter to attach to its
income tax return and a Schedule VK‑1.
Page 6
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial