Tax Incentive Program

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During the 2013 Session, the Virginia General Assembly passed legislation (House Bill 1824) that made several changes to the Port Volume IncreaseTax Credit.  Please see updates in bold under the description of the Port Volume Increase Tax Credit.

 For more information about these programs, please contact: 

Stephanie S. Allman
Economic Development Manager/Port Incentive Administrator
Virginia Port Authority
600 World Trade Center
Norfolk, VA 23510

Direct: 757-683-2125

Port Volume Increase
Tax Credit

Barge and Rail Usage
Tax Credit

International Trade Facility
Tax Credit

Apply
To apply for taxable year 2013, submit application form PVI and all required documentation to Virginia Port Authority by March 1, 2014. Click here to download application form PVI

Description
Tax credit for taxpayers engaged in the manufacturing of goods or the distribution of manufactured goods, agricultural entities, or mineral and gas entities that use public or private port facilities located in Virginia and increase cargo volume through the facility by 5% in a single calendar year over their base year cargo volume.

Credit is $50 per TEU in excess of the base year cargo; tonnage conversion rate is 16 tons = 1 TEU

Major Facility: credit is $50 per TEU during the major facility's 1st calendar year (5% volume increase can be waived).

Additional information:

Code of Virginia Section 58.1-439.12:10

Guidance Document

Apply
To apply for taxable year 2013, submit application BRU and all required documentation to Virginia Department of Taxation by April 1, 2014. Click here for application form BRU.

Description
Tax credit for usage of barge or rail to move cargo rather than by truck or other motor vehicle on Virginia's highways.

Credit is $25 per TEU or 16 tons of noncontainerized cargo in excess of the number of containers shipped by barge or rail by the taxpayer during the immediately preceding taxable year.

Additional Information:

Code of Virginia Section 58.1-439.12:09

Guidance Document

Apply
To apply for taxable year 2013, submit application ITF and all required documentation to Virginia Department of Taxation by April 1, 2014. Click here for application form ITF .

Description
Tax credit for either creating new jobs or capital investment in an international trade facility as a result of moving 10% more cargo through a Virginia Port Authority-operated cargo facility than in the preceding tax-able year.

Credit is either (i) $3,500 per qualified full-time employee that results from increased qualified trade activities by the taxpayer or (ii) an amount equal to 2% of qualified capital investment expenses made by the taxpayer to facilitate increased qualified trade activities.

Additional information:

Code of Virginia Section 58.1-429.12:06

Guidance Document

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