Source: https://vacode.org/58.1-439.12:01/
Timestamp: 2019-10-20 05:41:40
Document Index: 354261732

Matched Legal Cases: ['§ 58', '§ 58', '§ 58', '§ 58', '§ 2', '§ 58']

Credit for cigarettes manufactured and exported (§ 58.1-439.12:01)—Virginia Decoded - Virginia Decoded
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§ 58.1-439.12:01 Credit for cigarettes manufactured and exported
§ 58.1-439.12:01
Credit for cigarettes manufactured and exported
A. For purposes of this section:”Base year export volume” means the number of cigarettes manufactured by a corporation, which cigarettes were also exported by such manufacturer during its taxable year beginning in calendar year 2004.”Cigarette or cigarettes” means the same as that term is defined in § 58.1-1031.”Current year export volume” means the number of cigarettes manufactured by a corporation, which cigarettes were also exported by such manufacturer in the taxable year for which credit under this section is claimed. The term shall only apply for taxable years beginning on and after January 1, 2006.”Exported” or “exports” means the shipment of cigarettes to a foreign country.”Manufactured” or “manufactures” means manufactured in Virginia.
2. If the current year export volume of the corporation is at least 50 percent but less than 60 percent of the base year export volume for the corporation, the credit allowed shall equal $ 0.20 per 1,000 cigarettes of the current year export volume.
3. If the current year export volume of the corporation is at least 60 percent but less than 80 percent of the base year export volume for the corporation, the credit allowed shall equal $ 0.25 per 1,000 cigarettes of the current year export volume.
4. If the current year export volume of the corporation is at least 80 percent but less than 100 percent of the base year export volume for the corporation, the credit allowed shall equal $ 0.30 per 1,000 cigarettes of the current year export volume.
5. If the current year export volume of the corporation is at least 100 percent but less than 120 percent of the base year export volume for the corporation, the credit allowed shall equal $ 0.35 per 1,000 cigarettes of the current year export volume.
6. If the current year export volume of the corporation is at least 120 percent of the base year export volume for the corporation, the credit allowed shall equal $ 0.40 per 1,000 cigarettes of the current year export volume.
C. In no event shall the credit allowed under this section for any taxable year to any corporation exceed the lesser of $ 6 million or 50 percent of the corporation’s income tax liability to the Commonwealth for such taxable year.
D. The total amount of tax credits granted under this section for each fiscal year of the Commonwealth shall not exceed $ 6 million. A corporation meeting the requirements of this section shall be eligible to receive a tax credit to the extent the corporation reserves such tax credit through the Department as provided herein.The Department shall establish policies and procedures for the reservation of tax credits by eligible corporations. Such policies and procedures shall provide (i) requirements for applying for reservations of tax credits; (ii) a system for allocating the available amount of tax credits among eligible corporations; (iii) a method for the issuance of reservations to eligible corporations that did not initially receive a reservation in any year, if the Department determines that tax credit reservations were issued to other corporations that did not use, or were determined to be wholly or partially ineligible for, a reserved tax credit; and (iv) a procedure for the cancellation and reallocation of tax credit reservations allocated to eligible corporations that, after reserving tax credits, have been determined to be ineligible for all or a portion of the tax credits reserved. In no case shall a corporation be allowed to carry over any tax credit to be applied against any income tax for taxable years subsequent to the taxable year of export.Actions of the Department relating to the approval or denial of applications for reservations for tax credits pursuant to this section shall be exempt from the provisions of the Administrative Process Act pursuant (§ 2.2-4000 et seq.).
If you’re reading this for anything important, you should double-check its accuracy—read § 58.1-439.12:01 on the official Code of Virginia website.