Tax Incentive Program

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Click here to view a Summary of Virginia Port Tax Credits

Port Volume Increase
Tax Credit

Barge and Rail Usage
Tax Credit

International Trade Facility
Tax Credit

Apply
To apply for taxable year 2011, submit application form PVI and all required documentation to Virginia Port Authority by March 1, 2012.· Click here to download application form PVI

Description
Tax credit for taxpayers engaged in the manufacturing of goods or the distribution of manufactured goods (including processed agricultural products) that use public or private port facilities located in Virginia and increase cargo volume through the facility by 5% in a single calendar year over their base year cargo volume.

Credit is $50 per TEU in excess of the base year cargo; tonnage conversion rate is 16 tons = 1 TEU

Major Facility: credit is $50 per TEU during the major facility’s 1st calendar year (5% volume increase can be waived).

Additional information:
Full text from the Code of Virginia

Apply
To apply for taxable year 2011, submit application BRU and all required documentation to Virginia Department of Taxation by April 1, 2012. Click here for application form BRU.

Description
Tax credit for usage of barge or rail to move cargo rather than by truck or other motor vehicle on Virginia’s highways.

Credit is $25 per TEU in excess of the number of containers shipped by barge or rail by the taxpayer during the immediately preceding taxable year.


Additional Information:
Full text from the Code of Virginia  

Apply
To apply for taxable year 2011, submit application ITF and all required documentation to Virginia Department of Taxation by April 1, 2012. Click here for application form ITF .

Description
Tax credit for either creating new jobs or capital investment in an international trade facility as a result of moving 10% more cargo through a Virginia Port Authority-operated cargo facility than in the preceding tax-able year.

Credit is either (i) $3,000 per qualified full-time employee that results from increased qualified trade activities by the taxpayer or (ii) an amount equal to 2% of qualified capital investment expenses made by the taxpayer to facilitate increased qualified trade activities.

Credit doubles to either: (i) $6,000 per qualified full-time employee or (ii) 4% of qualified capital investment expenses for an international trade facility located in one of Virginia’s tobacco-dependent localities. Click here for a map of those localities  

Additional information:
Full text from the Code of Virginia

 

 Draft Guidelines are available at the The Virginia Department of Taxation Website. Click here to view the current draft.

DISCLAIMER
Privacy: Though private personal information may be required in the Port Volume Increase Tax Credit Application, we cannot collect confidential tax information via the internet or e-mail due to the lack of a secure server.  By collecting this data via the internet or e-mail, we are subject to the requirements for administering information systems as established in the Virginia Privacy Protection Act, Chapter 26 of Title 2.1 of the Code of Virginia and our servers do not presently meet those requirements Therefore, please do not provide confidential tax information to the VPA through the VPA website or via a VPA employee e-mail accounts. We cannot safeguard the private personal information you might otherwise submit at the present time. Please submit any private personal information in your Port Volume Increase Tax Credit Application by regular mail, an independant secure courier service or the fax number provided in the Port Volume Increase Tax Credit application. Thank you.