§ 58.1-431. Energy income tax credit
A. Any corporation shall be allowed a credit against the tax imposed by § 58.1-400 of an amount equaling twenty percent of renewable energy source expenditures 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 corporate taxpayer. Only one such credit shall be permitted for each individual expenditure. The Tax Commissioner shall adopt rules and regulations for the certification of such expenditures using the definitions of § 23 of the Internal Revenue Code as it relates to individuals whenever practicable.
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 58.1-416 58.1-417 58.1-418 58.1-419 58.1-420 58.1-421 58.1-430 58.1-431 58.1-432 58.1-433 58.1-433.1 58.1-434 58.1-435 58.1-436 58.1-437 NextLast modified: April 16, 2009