INCENTIVE DESCRIPTION

State: VA
Incentive Type: Income/Franchise Tax Incentives and Credits
Incentive Title: Other Tax Credits
Description: 1. RECYCLING EQUIPMENT TAX CREDIT: An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recycling materials on or after January 1, 1999, but before January 1, 2007. The credit is equal to 10% of the total original capitalized cost of the equipment. In any taxable year, the amount of credit allowed cannot exceed 40% of the company's Virginia income tax liabililty before the credit. Any unused credit may be carried over for 10 years. 2. DAY CARE FACILITY INVESTMENT TAX CREDIT: Businesses may claim a tax credit equal to 25% of all expenditures incurred in the construction, renovation, planning or acquisition of facilities for the purpose of providing day care for children of company employees. Any unused credit may be carried over to the extent usable for the next three taxable years. The maximum credit is $25,000.
Eligibility Requirements: 1. Must purchase qualified machinery and equipment. Must be certified by the State of Virginia. 2. Must file required applications and obtain approval from the State of Virginia.
Geographic Restrictions: Statewide
Granting Authority: State of Virginia


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.