GOVERNOR'S RECOMMENDATION

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of

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the remainder of line 38 and all of lines 39 through 48

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Qualifying taxpayers that increase their port cargo volume by a minimum of five percent in a qualifying calendar year shall receive a $50 credit against the tax levied pursuant to §§ 58.1-320 and 58.1-400 for each TEU above the base year port cargo volume.  A qualifying taxpayer that is a major facility as defined in this section shall receive a $50 credit against the tax levied pursuant to §§ 58.1-320 and 58.1-400 for each TEU transported through a port facility during the major facility's first calendar year.  A qualifying taxpayer may not receive more than $250,000 for each calendar year except as provided for in subdivision C 2.  The maximum amount of credits allowed for all qualifying taxpayers pursuant to this section shall not exceed $3.2 million for each calendar year.  The Virginia Port Authority shall allocate the credits pursuant to the provisions in subdivisions C 1 and C 2.

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the maximum $250,000

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the prior

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If on March 15 of each year, the cumulative amount of tax credits requested by qualifying taxpayers for the prior year exceeds $3.2 million, then the $3.2 million in credits shall be prorated among the qualifying taxpayers who requested the credit.