§ 58.1-432. Tax credit for purchase of conservation tillage equipment.
A. Any corporation shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling 25 percent of all expenditures made for thepurchase and installation of conservation tillage equipment used inagricultural production by the purchaser. As used in this section, the term"conservation tillage equipment" means a planter, drill, or other equipmentused to reduce soil compaction commonly known as a "no-till" planter,drill, or other equipment used to reduce soil compaction including guidancesystems to control traffic patterns that are designed to minimize disturbanceof the soil in planting crops, including such planters, drills, or otherequipment used to reduce soil compaction which may be attached to equipmentalready owned by the taxpayer.
B. The amount of such credit shall not exceed $4,000 or the total amount oftax imposed by this chapter, whichever is less, in the year of purchase. Ifthe amount of such credit exceeds the taxpayer's tax liability for such taxyear, the amount which exceeds such tax liability may be carried over forcredit against income taxes in the next five taxable years until the totalamount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase and installation of conservation tillage equipment by a partnershipor electing small business corporation (S corporation) shall be allocated tothe individual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
§ 58.1-432. Tax credit for purchase of conservation tillage equipment.
A. Any corporation shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling 25 percent of all expenditures made for thepurchase and installation of conservation tillage equipment used inagricultural production by the purchaser. As used in this section, the term"conservation tillage equipment" means a planter, drill, or other equipmentused to reduce soil compaction commonly known as a "no-till" planter,drill, or other equipment used to reduce soil compaction including guidancesystems to control traffic patterns that are designed to minimize disturbanceof the soil in planting crops, including such planters, drills, or otherequipment used to reduce soil compaction which may be attached to equipmentalready owned by the taxpayer.
B. The amount of such credit shall not exceed $4,000 or the total amount oftax imposed by this chapter, whichever is less, in the year of purchase. Ifthe amount of such credit exceeds the taxpayer's tax liability for such taxyear, the amount which exceeds such tax liability may be carried over forcredit against income taxes in the next five taxable years until the totalamount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase and installation of conservation tillage equipment by a partnershipor electing small business corporation (S corporation) shall be allocated tothe individual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
§ 58.1-432. Tax credit for purchase of conservation tillage equipment.
A. Any corporation shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling 25 percent of all expenditures made for thepurchase and installation of conservation tillage equipment used inagricultural production by the purchaser. As used in this section, the term"conservation tillage equipment" means a planter, drill, or other equipmentused to reduce soil compaction commonly known as a "no-till" planter,drill, or other equipment used to reduce soil compaction including guidancesystems to control traffic patterns that are designed to minimize disturbanceof the soil in planting crops, including such planters, drills, or otherequipment used to reduce soil compaction which may be attached to equipmentalready owned by the taxpayer.
B. The amount of such credit shall not exceed $4,000 or the total amount oftax imposed by this chapter, whichever is less, in the year of purchase. Ifthe amount of such credit exceeds the taxpayer's tax liability for such taxyear, the amount which exceeds such tax liability may be carried over forcredit against income taxes in the next five taxable years until the totalamount of the tax credit has been taken.
C. For purposes of this section, the amount of any credit attributable to thepurchase and installation of conservation tillage equipment by a partnershipor electing small business corporation (S corporation) shall be allocated tothe individual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
