Form Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments Tax Credit Page 4

Download a blank fillable Form Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments 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 Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments 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.

with or within 1 year before or after the date of such

“Qualified business” means a business which:

investment. For the purposes hereof, reimbursement of

(i) Has annual gross revenues of no more than $3 million in

reasonable expenses incurred shall not be deemed to be

its most recent fiscal year;

compensation.

(ii) Has its principal office or facility in the Commonwealth;

• The statement should be signed by a company officer.

(iii) Is engaged in business primarily in or does substantially

For investors affiliated with the qualified business, such

all of its production in the Commonwealth;

as a Corporate Officer, CFO, etc., the statement should be

(iv) Has not obtained during its existence more than $3 million

signed by another member of the company.

in aggregate gross cash proceeds from the issuance of

Please note: For married investors, the credit cannot be

its equity or debt investments (not including commercial

issued jointly. The investment must be made individually

loans from chartered banking or savings and loan

and a separate Form EDC and business statement must be

institutions); and

provided for each spouse.

(v) Is primarily engaged or is primarily organized to engage

If the investment is an equity investment, the statement must

in the following fields:

indicate that the issuance is original, providing new capital to

1. advanced computing,

the qualified business and that it is not required, or subject to

2. advanced materials,

an option, that the issuer redeem the issuance within 3 years

of the issuance date.

3. advanced manufacturing,

If the investment is a subordinated debt investment, the

4. agricultural technologies,

statement must indicate that the issuance is original, providing

5. biotechnology,

new capital to the qualified business and that, by its terms,

6. electronic device technology,

requires no repayment of principal for 3 years after issuance,

7. energy,

is neither guaranteed nor secured by assets of the issuer

nor by any other person or entity, and is subordinate to all

8. environmental technology,

indebtedness and obligations to national or state chartered

9. information technology,

banking or savings and loan institutions.

10. medical device technology,

The taxpayer is required to attach this statement to the Form

11.

nanotechnology, or

EDC.

12. any similar technology-related field determined by

Definitions

regulation by the Department of Taxation.

“Equity” means common stock or preferred stock, regardless

“Commercialization investment” means a qualified

of class or series, of a corporation; a partnership interest in

investment in a qualified business that was created to

a limited partnership; or a membership interest in a limited

commercialize research developed at or in partnership with

liability company, any of which is not required or subject to

an institution of higher education.

an option on the part of the taxpayer to be redeemed by the

A business in its first taxable year of operation will be deemed

issuer within 3 years from the date of issuance.

to have annual gross revenues of no more than $3 million

“Subordinated debt” means indebtedness of a corporation,

and be primarily engaged in business and do substantially

general or limited partnership, or limited liability company that

all of its production in the Commonwealth if the commercial

(i) by its terms requires no repayment of principal for the first 3

domicile pursuant to 23 VAC10-120-140 of such business is

years after issuance; (ii) is not guaranteed by any other person

within the Commonwealth. (23 VAC10-110-225).

or entity, or secured by any assets of the issuer or any other

“Commercial domicile” means the state where the principal

person or entity; and (iii) is subordinated to all indebtedness

office from which the business affairs of the corporation are

and obligations of the issuer to national or state-chartered

normally directed or managed. See 23 VAC10-120-140 D.

banking or savings and loan institutions.

“Primarily engaged in business in the Commonwealth”

“Qualified investment” means a cash investment in a

means 50% or more of the entity’s gross receipts are derived

qualified business in the form of equity or subordinated

from sources within Virginia.

debt.

“Substantially all of its production in the Commonwealth”

An investment shall not be qualified if the taxpayer who holds

means 80% or more of the entity’s expenses are incurred

such investment, or a member of taxpayer’s family, or any

within Virginia.

entity affiliated with such taxpayer, receives (or has received)

compensation from the qualified business in exchange for

Virginia Tax Bulletin 00-5, dated July 31, 2000, and Title

services provided to such business as an employee, officer,

23 of Virginia Administrative Code (VAC) 10-110-225

director, manager, independent contractor or otherwise in

provide additional information on this credit. To obtain

connection with such business or within 1 year before or after

this bulletin, see “Where to Get Help” above.

the date of such investment.

For purposes hereof, reimbursement of reasonable expenses

incurred shall not be deemed to be compensation. A

qualified investment shall not include existing investments

or instruments that have been purchased, transferred, or

otherwise obtained without providing new capital to a qualified

business.

0 votes

Top 20 Happy Easter Cards And Gift Tags To Download For Free

Top Ten Easter Arts And Crafts Activities For Your Kids

Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Form Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments Tax Credit Financial

Form Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments Tax Credit - Virginia Department Of Taxation Financial

Form Qba - Virginia Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments Tax Credit Financial

Form Edc - Taxpayer Application For The Qualified Equity And Subordinated Debt Investments Tax Credit Financial

Form Edc - Taxpayer Application For Qualified Equity And Subordinated Debt Investments Tax Credit Financial

Related Categories

Parent category: Financial

Form Qba - Application For Designation As A Qualified Business For The Qualified Equity And Subordinated Debt Investments Tax Credit Page 4

Related Articles

Related forms

Related Categories