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2011 SESSION

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SB 1481 Income tax, corporate; Virginia port volume increase tax credit.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Corporate income tax; Virginia port volume increase tax credit.  Provides an income tax credit to taxpayers engaged in manufacturing goods or the distribution of manufactured goods that use Virginia port facilities and increase their port cargo volume by five percent in a single year over their base year port cargo volume. The tax credit would equal $50 for each TEU above the base year port cargo volume.  The five percent requirement may be waived for a taxpayer qualifying as a major facility. The total credit amount available in a calendar year is $3.2 million and each taxpayer generally would be limited to $250,000 annually. The credit would be available for taxable years beginning on and after January 1, 2011, but before January 1, 2016.


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