§ 58.1-331. Energy income tax credit
A. Any individual shall be allowed a credit against the tax imposed by § 58.1-320 of an amount equaling twenty percent of renewable energy source expenditures, as defined in § 23 of the Internal Revenue Code and the regulations adopted pursuant thereto, made after January 1, 1985, and before January 1, 1986; a credit of an amount equaling fifteen percent of renewable energy source expenditures made after January 1, 1986, and before January 1, 1987; and a credit of an amount equaling ten percent of renewable energy source expenditures made after January 1, 1987, and before January 1, 1988, by such individual. Only one such credit shall be permitted for each such expenditure.
B. The amount of such credit shall not exceed $1,000 for a qualified renewable energy source expenditure or the tax imposed by this chapter, whichever is less. In determining such expenditures, the labor of the taxpayer shall not be included.
C. If the credit allowable, but not in excess of $1,000 for each qualified expenditure for any taxable year, exceeds the tax imposed by this chapter for such taxable year, such excess may be carried to the succeeding taxable year by the taxpayer and added to any credit allowable under subsection A for such succeeding taxable year.
(Code 1950, § 58-151.014:2; 1982, c. 324; 1984, c. 675; 1985, c. 221.)
Sections: Previous 58.1-322.2 58.1-323 58.1-323.1 58.1-324 58.1-325 58.1-326 58.1-330 58.1-331 58.1-332 58.1-332.1 58.1-333 58.1-334 58.1-335 58.1-336 58.1-337 NextLast modified: April 16, 2009