By Terry Barrett, CPA, Tax Senior Manager
*Please note that this article was written in 2019 and some of the information may be outdated. You should confirm the details of the specific credits on the Virginia Department of Taxation’s website.
Now that it’s tax season, it’s time to think about potential credits that may reduce your Virginia tax liabilities. We have included a listing of Virginia tax credits available to individual or corporate taxpayers with a brief explanation of each credit. It is important to note that many of the credits may not be claimed on a tax return until a taxpayer has submitted an application and been notified in writing that they are allowed to claim the credit. There are specific due dates to submit applications, most without extension, so please pay close attention and reference the Department of Taxation’s website for additional information and requirements for claiming the credits.
Virginia Tax Credits
Agricultural Tax Credits
Business Development Tax Credits
Coal Industry and Education Tax Credits
Environmental Tax Credits
Housing and Community Development Tax Credits
Individual and Misc. Tax Credits
Ports and Trade Tax Credits
Expired or Repealed Tax Credits
Questions on whether you or your business qualify for Virginia Tax Credits? Contact us. We can help. Keiter Representative | Email | 804.747.0000
Additional Resources:
- Virginia Department of Taxation – Tax Credit Details and Deadlines
- Investing in Virginia Businesses? Learn About the Tax Benefits.
- Top Seven State and Local Tax Issues to Consider for 2019
- What you need to know about Neighborhood Assistance Program (NAP) Credit Benefits
- New Tax Benefits for Qualified Opportunity Zone (QOZ) Investments
About the Author
Terry Barrett, CPA, Tax Senior Manager
Terry Barrett specializes in state and local tax concerns for her clients. She has over 30 years of experience working in the public and private accounting sector. She is a graduate of Virginia Commonwealth University.
More Insights from Terry BarrettThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
