§ 58.1-337. Tax credit for purchase of advanced technology pesticide andfertilizer application equipment.
A. Any individual engaged in agricultural production for market who has inplace a nutrient management plan approved by the local Soil and WaterConservation District by the required tax return filing date of theindividual shall be allowed a credit against the tax imposed by § 58.1-320 ofan amount equaling twenty-five percent of all expenditures made by suchindividual for the purchase of equipment certified by the Virginia Soil andWater Conservation Board as providing more precise pesticide and fertilizerapplication. Virginia Polytechnic Institute and State University and VirginiaState University shall provide at the request of the Virginia Soil and WaterConservation Board technical assistance in determining appropriatespecifications for certified equipment which would provide for more precisepesticide and fertilizer application to reduce the potential for adverseenvironmental impacts. The equipment shall be divided into the followingcategories:
1. Sprayers for pesticides and liquid fertilizers;
2. Pneumatic fertilizer applicators;
3. Monitors, computer regulators, and height adjustable booms for sprayersand liquid fertilizer applicators;
4. Manure applicators;
5. Tramline adapters; and
6. Starter fertilizer banding attachments for planters.
B. The amount of such credit shall not exceed $3,750 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year of purchase.If the amount of such credit exceeds the taxpayer's tax liability for suchtaxable year, the amount which exceeds the tax liability may be carried overfor credit against the income taxes of such individual in the next fivetaxable years until the total amount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase of equipment certified by the Virginia Soil and Water ConservationBoard as providing more precise pesticide and fertilizer application by apartnership or electing small business corporation (S corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S corporation.
§ 58.1-337. Tax credit for purchase of advanced technology pesticide andfertilizer application equipment.
A. Any individual engaged in agricultural production for market who has inplace a nutrient management plan approved by the local Soil and WaterConservation District by the required tax return filing date of theindividual shall be allowed a credit against the tax imposed by § 58.1-320 ofan amount equaling twenty-five percent of all expenditures made by suchindividual for the purchase of equipment certified by the Virginia Soil andWater Conservation Board as providing more precise pesticide and fertilizerapplication. Virginia Polytechnic Institute and State University and VirginiaState University shall provide at the request of the Virginia Soil and WaterConservation Board technical assistance in determining appropriatespecifications for certified equipment which would provide for more precisepesticide and fertilizer application to reduce the potential for adverseenvironmental impacts. The equipment shall be divided into the followingcategories:
1. Sprayers for pesticides and liquid fertilizers;
2. Pneumatic fertilizer applicators;
3. Monitors, computer regulators, and height adjustable booms for sprayersand liquid fertilizer applicators;
4. Manure applicators;
5. Tramline adapters; and
6. Starter fertilizer banding attachments for planters.
B. The amount of such credit shall not exceed $3,750 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year of purchase.If the amount of such credit exceeds the taxpayer's tax liability for suchtaxable year, the amount which exceeds the tax liability may be carried overfor credit against the income taxes of such individual in the next fivetaxable years until the total amount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase of equipment certified by the Virginia Soil and Water ConservationBoard as providing more precise pesticide and fertilizer application by apartnership or electing small business corporation (S corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S corporation.
§ 58.1-337. Tax credit for purchase of advanced technology pesticide andfertilizer application equipment.
A. Any individual engaged in agricultural production for market who has inplace a nutrient management plan approved by the local Soil and WaterConservation District by the required tax return filing date of theindividual shall be allowed a credit against the tax imposed by § 58.1-320 ofan amount equaling twenty-five percent of all expenditures made by suchindividual for the purchase of equipment certified by the Virginia Soil andWater Conservation Board as providing more precise pesticide and fertilizerapplication. Virginia Polytechnic Institute and State University and VirginiaState University shall provide at the request of the Virginia Soil and WaterConservation Board technical assistance in determining appropriatespecifications for certified equipment which would provide for more precisepesticide and fertilizer application to reduce the potential for adverseenvironmental impacts. The equipment shall be divided into the followingcategories:
1. Sprayers for pesticides and liquid fertilizers;
2. Pneumatic fertilizer applicators;
3. Monitors, computer regulators, and height adjustable booms for sprayersand liquid fertilizer applicators;
4. Manure applicators;
5. Tramline adapters; and
6. Starter fertilizer banding attachments for planters.
B. The amount of such credit shall not exceed $3,750 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year of purchase.If the amount of such credit exceeds the taxpayer's tax liability for suchtaxable year, the amount which exceeds the tax liability may be carried overfor credit against the income taxes of such individual in the next fivetaxable years until the total amount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase of equipment certified by the Virginia Soil and Water ConservationBoard as providing more precise pesticide and fertilizer application by apartnership or electing small business corporation (S corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S corporation.
