State Codes and Statutes
Statutes > Virginia > Title-58-1 > Chapter-3 > 58-1-439-10§ 58.1-439.10. Tax credit for purchase of waste motor oil burning equipment.
A. For taxable years beginning on and after January 1, 1999, a taxpayer whooperates a business facility within the Commonwealth which accepts wastemotor oil from the public shall be allowed a credit against the taxes imposedpursuant to Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) ofthis chapter in an amount equal to fifty percent of the purchase price paidduring the taxable year for equipment used exclusively for burning wastemotor oil at the business facility. The total credit allowed to any taxpayerunder this section in any taxable year shall not exceed $5,000.
B. The Department of Environmental Quality shall certify that such equipmentis used to burn waste motor oil at a business facility within theCommonwealth which accepts waste motor oil from the public before thetaxpayer shall be entitled to the tax credit under this section. The taxpayershall also submit with his income tax return such receipts, invoices, andother documentation as may be necessary to confirm the taxpayer's statementof the purchase price paid for the waste motor oil burning equipment. Any taxcredit under this section shall be used only for the taxable year in whichthe purchase price of the waste motor oil burning equipment was paid.
C. For purposes of this section, the amount of any credit attributable to thepurchase of equipment used exclusively for burning waste motor oil 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.
(1998, c. 896.)
