§ 58.1-2626.1. The Virginia Coal Employment and Production Incentive Tax Credit
A. For the tax years beginning on and after January 1, 1988, every corporation in the Commonwealth doing the business of furnishing water, heat, light or power to the Commonwealth or its citizens, whether by means of electricity, gas or steam shall be allowed a credit against the tax imposed by § 58.1-2626 in the following amount: one dollar per ton for each ton of coal purchased and consumed by such corporation in excess of the number of tons of Virginia coal purchased by such corporation in 1985, provided such coal was mined in Virginia as certified by the producer of such coal. This credit shall be prorated equally against the corporation's estimated payments made in September and December and the final payment.
B. For tax years beginning on and after January 1, 1989, every corporation in the Commonwealth doing the business of furnishing water, heat, light or power to the Commonwealth or its citizens, whether by means of electricity, gas or steam shall be allowed additional credit against the tax imposed by § 58.1-2626 in the following amount: one dollar per ton for each ton of coal purchased and consumed by such corporation, provided such coal was mined in Virginia as certified by such seller. The credit shall be prorated equally against the corporation's estimated payments made in September and December and the final payment.
C. —Expired.]
(1986, c. 450; 1989, c. 429; 2000, c. 929.)
Sections: Previous 58.1-2609 58.1-2610 58.1-2611 58.1-2612 58.1-2620 58.1-2621 58.1-2626 58.1-2626.1 58.1-2627 58.1-2627.1 58.1-2628 58.1-2629 58.1-2630 58.1-2631 58.1-2632 NextLast modified: April 16, 2009