Virginia Tax Department Issues Updated Port Volume Increase Tax Credit Guidelines

The Virginia Department of Taxation Jan. 6 issued updated guidelines for the port volume increase tax credit for individual income and corporate income tax purposes. The guidelines include: 1) criteria for claiming the tax credit and computation of tax credits; 2) special rules for major facilities; 3) allocation of tax credits over $250,000; 4) administration and carryover of the tax credit; and 5) interaction of port-related tax credits. [Va. Dep’t of Tax’n, Updated Port Volume Increase Tax Credit Guidelines, 01/06/21]

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