§ 58.1-433.1. Virginia Coal Employment and Production Incentive Tax Credit.
A. For taxable years beginning on and after January 1, 2001, everyelectricity generator in the Commonwealth shall be allowed athree-dollar-per-ton credit against the tax imposed by § 58.1-400 or §58.1-400.2 for each ton of coal purchased and consumed by such electricitygenerator, provided such coal was mined in Virginia as certified by suchseller. Notwithstanding any other provision of law, no electricity generatorshall be allowed more than a three-dollar-per-ton coal tax credit and shallbe subject to all limitations set forth in § 58.1-400.2. In no event shallthe credit allowed hereunder exceed the total amount of tax liability of suchtaxpayer. Any tax credit not usable for the taxable year may be carried overto the extent usable for the next 10 succeeding taxable years or until thefull credit is utilized, whichever is sooner. For the purposes of the creditprovided by this section, "electricity generator" means any person whoproduces electricity for self-consumption or for sale. However, acogenerator, as defined in § 58.1-2600, shall not be allowed to claim thecredit provided by this section and the credit provided by § 58.1-433 on thesame ton of coal.
B. For each such ton of coal described in subsection A that is purchased onor after January 1, 2006, from any person with an economic interest in coalas defined under § 58.1-439.2, the $3-per-ton credit allowed under subsectionA may be allocated between such electricity generator and such person with aneconomic interest in coal. The allocation of the $3-per-ton credit may beprovided in the contract between such parties for the sale of such coal. Suchallocation may be amended by the execution of a written instrument by theparties prior to December 31 of the year of purchase of such coal. Suchcontracts and written instruments shall be subject to audit by the Departmentof Taxation to ensure the proper application of credits.
In no case shall the credit allocated for each such ton of coal among suchelectricity generators and such persons with an economic interest in coalexceed $3 per ton.
All credits earned on or after January 1, 2006, which are allocated topersons with an economic interest in coal as provided under this subsectionmay be used as tax credits by such persons against the tax imposed by §58.1-400 and any other tax imposed by the Commonwealth. If the credits earnedon or after January 1, 2006, and prior to July 1, 2011, exceed the state taxliability for the applicable taxable year of such person with an economicinterest in coal, the excess shall be redeemable by the Tax Commissioner asset forth in subsection D of § 58.1-439.2.
§ 58.1-433.1. Virginia Coal Employment and Production Incentive Tax Credit.
A. For taxable years beginning on and after January 1, 2001, everyelectricity generator in the Commonwealth shall be allowed athree-dollar-per-ton credit against the tax imposed by § 58.1-400 or §58.1-400.2 for each ton of coal purchased and consumed by such electricitygenerator, provided such coal was mined in Virginia as certified by suchseller. Notwithstanding any other provision of law, no electricity generatorshall be allowed more than a three-dollar-per-ton coal tax credit and shallbe subject to all limitations set forth in § 58.1-400.2. In no event shallthe credit allowed hereunder exceed the total amount of tax liability of suchtaxpayer. Any tax credit not usable for the taxable year may be carried overto the extent usable for the next 10 succeeding taxable years or until thefull credit is utilized, whichever is sooner. For the purposes of the creditprovided by this section, "electricity generator" means any person whoproduces electricity for self-consumption or for sale. However, acogenerator, as defined in § 58.1-2600, shall not be allowed to claim thecredit provided by this section and the credit provided by § 58.1-433 on thesame ton of coal.
B. For each such ton of coal described in subsection A that is purchased onor after January 1, 2006, from any person with an economic interest in coalas defined under § 58.1-439.2, the $3-per-ton credit allowed under subsectionA may be allocated between such electricity generator and such person with aneconomic interest in coal. The allocation of the $3-per-ton credit may beprovided in the contract between such parties for the sale of such coal. Suchallocation may be amended by the execution of a written instrument by theparties prior to December 31 of the year of purchase of such coal. Suchcontracts and written instruments shall be subject to audit by the Departmentof Taxation to ensure the proper application of credits.
In no case shall the credit allocated for each such ton of coal among suchelectricity generators and such persons with an economic interest in coalexceed $3 per ton.
All credits earned on or after January 1, 2006, which are allocated topersons with an economic interest in coal as provided under this subsectionmay be used as tax credits by such persons against the tax imposed by §58.1-400 and any other tax imposed by the Commonwealth. If the credits earnedon or after January 1, 2006, and prior to July 1, 2011, exceed the state taxliability for the applicable taxable year of such person with an economicinterest in coal, the excess shall be redeemable by the Tax Commissioner asset forth in subsection D of § 58.1-439.2.
§ 58.1-433.1. Virginia Coal Employment and Production Incentive Tax Credit.
A. For taxable years beginning on and after January 1, 2001, everyelectricity generator in the Commonwealth shall be allowed athree-dollar-per-ton credit against the tax imposed by § 58.1-400 or §58.1-400.2 for each ton of coal purchased and consumed by such electricitygenerator, provided such coal was mined in Virginia as certified by suchseller. Notwithstanding any other provision of law, no electricity generatorshall be allowed more than a three-dollar-per-ton coal tax credit and shallbe subject to all limitations set forth in § 58.1-400.2. In no event shallthe credit allowed hereunder exceed the total amount of tax liability of suchtaxpayer. Any tax credit not usable for the taxable year may be carried overto the extent usable for the next 10 succeeding taxable years or until thefull credit is utilized, whichever is sooner. For the purposes of the creditprovided by this section, "electricity generator" means any person whoproduces electricity for self-consumption or for sale. However, acogenerator, as defined in § 58.1-2600, shall not be allowed to claim thecredit provided by this section and the credit provided by § 58.1-433 on thesame ton of coal.
B. For each such ton of coal described in subsection A that is purchased onor after January 1, 2006, from any person with an economic interest in coalas defined under § 58.1-439.2, the $3-per-ton credit allowed under subsectionA may be allocated between such electricity generator and such person with aneconomic interest in coal. The allocation of the $3-per-ton credit may beprovided in the contract between such parties for the sale of such coal. Suchallocation may be amended by the execution of a written instrument by theparties prior to December 31 of the year of purchase of such coal. Suchcontracts and written instruments shall be subject to audit by the Departmentof Taxation to ensure the proper application of credits.
In no case shall the credit allocated for each such ton of coal among suchelectricity generators and such persons with an economic interest in coalexceed $3 per ton.
All credits earned on or after January 1, 2006, which are allocated topersons with an economic interest in coal as provided under this subsectionmay be used as tax credits by such persons against the tax imposed by §58.1-400 and any other tax imposed by the Commonwealth. If the credits earnedon or after January 1, 2006, and prior to July 1, 2011, exceed the state taxliability for the applicable taxable year of such person with an economicinterest in coal, the excess shall be redeemable by the Tax Commissioner asset forth in subsection D of § 58.1-439.2.
