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Port Volume Increase
Tax Credit
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Barge and Rail Usage
Tax Credit
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International Trade Facility
Tax Credit
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Apply
To apply for taxable year 2012, submit application form PVI and all required documentation to Virginia Port Authority by March 1, 2013. 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 Documents
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Apply
To apply for taxable year 2012, submit application BRU and all required documentation to Virginia Department of Taxation by April 1, 2013. 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 Documents
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Apply
To apply for taxable year 2012, submit application ITF and all required documentation to Virginia Department of Taxation by April 1, 2013. 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.
Credit doubles to either: (i) $7,000 per qualified full-time employee or (ii) 4% of qualified capital investment expenses for an international trade facility located in one of Virginia's tobacco-dependent localities. Click here for a map of those localities
Additional information:
Code of Virginia Section 58.1-429.12:06
Guidance Documents
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