§ 58.1-439.12:02. Biodiesel and green diesel fuels producers tax credit.
A. For purposes of this section:
"Biodiesel fuel" means a fuel composed of mono-alkyl esters of long-chainfatty acids derived from vegetable oils or animal fats, designated B100, andmeeting the requirements of ASTM D6751.
"Green diesel fuel" means a fuel produced from nonfossil renewableresources including agricultural or silvicultural plants, animal fats,residue and waste generated from the production, processing, and marketing ofagricultural products, silvicultural products, and other renewable resources,and meeting applicable ASTM specifications.
"Feedstock" means the agricultural or other renewable resources, whetherplant or animal derived, used to produce biodiesel or green diesel fuels.
"Producer" means any person, entity, or agricultural cooperativeassociation, as defined in the Agricultural Cooperative Association Act (§13.1-312 et seq.) that, in a calendar year, produces in the Commonwealth upto two million gallons of biodiesel or green diesel fuels using feedstockoriginating domestically within the United States.
B. For taxable years beginning on or after January 1, 2008, any taxpayer whois a biodiesel fuel or green diesel fuel producer shall be entitled to anonrefundable credit against the taxes imposed by § 58.1-320 or 58.1-400 inan amount equal to $0.01 per gallon of biodiesel or green diesel fuelsproduced by such taxpayer. However, the annual amount of the credit shall notexceed $5,000. The taxpayer shall be eligible for the credit during the firstthree years of production of biodiesel or green diesel fuels.
Any taxpayer entitled to a credit under this section may transfer unused butotherwise allowable credits for use by another taxpayer on Virginia incometax returns. A taxpayer who transfers any amount of the credit in accordancewith this section shall file a notification of such transfer to theDepartment of Taxation in accordance with procedures and forms prescribed bythe Tax Commissioner.
C. The Department of Mines, Minerals and Energy shall certify that thebiodiesel or green diesel fuels producer has satisfied the requirements ofthis section for the taxable year in which the credit is allowed. Inaddition, the taxpayer shall submit with his income tax return alldocumentation as required by the Department of Taxation. Any credit notusable for the taxable year may be carried over the next three taxable years.The amount of the credit allowed pursuant to this section shall not exceedthe tax imposed for such taxable year.
D. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entity.
§ 58.1-439.12:02. Biodiesel and green diesel fuels producers tax credit.
A. For purposes of this section:
"Biodiesel fuel" means a fuel composed of mono-alkyl esters of long-chainfatty acids derived from vegetable oils or animal fats, designated B100, andmeeting the requirements of ASTM D6751.
"Green diesel fuel" means a fuel produced from nonfossil renewableresources including agricultural or silvicultural plants, animal fats,residue and waste generated from the production, processing, and marketing ofagricultural products, silvicultural products, and other renewable resources,and meeting applicable ASTM specifications.
"Feedstock" means the agricultural or other renewable resources, whetherplant or animal derived, used to produce biodiesel or green diesel fuels.
"Producer" means any person, entity, or agricultural cooperativeassociation, as defined in the Agricultural Cooperative Association Act (§13.1-312 et seq.) that, in a calendar year, produces in the Commonwealth upto two million gallons of biodiesel or green diesel fuels using feedstockoriginating domestically within the United States.
B. For taxable years beginning on or after January 1, 2008, any taxpayer whois a biodiesel fuel or green diesel fuel producer shall be entitled to anonrefundable credit against the taxes imposed by § 58.1-320 or 58.1-400 inan amount equal to $0.01 per gallon of biodiesel or green diesel fuelsproduced by such taxpayer. However, the annual amount of the credit shall notexceed $5,000. The taxpayer shall be eligible for the credit during the firstthree years of production of biodiesel or green diesel fuels.
Any taxpayer entitled to a credit under this section may transfer unused butotherwise allowable credits for use by another taxpayer on Virginia incometax returns. A taxpayer who transfers any amount of the credit in accordancewith this section shall file a notification of such transfer to theDepartment of Taxation in accordance with procedures and forms prescribed bythe Tax Commissioner.
C. The Department of Mines, Minerals and Energy shall certify that thebiodiesel or green diesel fuels producer has satisfied the requirements ofthis section for the taxable year in which the credit is allowed. Inaddition, the taxpayer shall submit with his income tax return alldocumentation as required by the Department of Taxation. Any credit notusable for the taxable year may be carried over the next three taxable years.The amount of the credit allowed pursuant to this section shall not exceedthe tax imposed for such taxable year.
D. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entity.
§ 58.1-439.12:02. Biodiesel and green diesel fuels producers tax credit.
A. For purposes of this section:
"Biodiesel fuel" means a fuel composed of mono-alkyl esters of long-chainfatty acids derived from vegetable oils or animal fats, designated B100, andmeeting the requirements of ASTM D6751.
"Green diesel fuel" means a fuel produced from nonfossil renewableresources including agricultural or silvicultural plants, animal fats,residue and waste generated from the production, processing, and marketing ofagricultural products, silvicultural products, and other renewable resources,and meeting applicable ASTM specifications.
"Feedstock" means the agricultural or other renewable resources, whetherplant or animal derived, used to produce biodiesel or green diesel fuels.
"Producer" means any person, entity, or agricultural cooperativeassociation, as defined in the Agricultural Cooperative Association Act (§13.1-312 et seq.) that, in a calendar year, produces in the Commonwealth upto two million gallons of biodiesel or green diesel fuels using feedstockoriginating domestically within the United States.
B. For taxable years beginning on or after January 1, 2008, any taxpayer whois a biodiesel fuel or green diesel fuel producer shall be entitled to anonrefundable credit against the taxes imposed by § 58.1-320 or 58.1-400 inan amount equal to $0.01 per gallon of biodiesel or green diesel fuelsproduced by such taxpayer. However, the annual amount of the credit shall notexceed $5,000. The taxpayer shall be eligible for the credit during the firstthree years of production of biodiesel or green diesel fuels.
Any taxpayer entitled to a credit under this section may transfer unused butotherwise allowable credits for use by another taxpayer on Virginia incometax returns. A taxpayer who transfers any amount of the credit in accordancewith this section shall file a notification of such transfer to theDepartment of Taxation in accordance with procedures and forms prescribed bythe Tax Commissioner.
C. The Department of Mines, Minerals and Energy shall certify that thebiodiesel or green diesel fuels producer has satisfied the requirements ofthis section for the taxable year in which the credit is allowed. Inaddition, the taxpayer shall submit with his income tax return alldocumentation as required by the Department of Taxation. Any credit notusable for the taxable year may be carried over the next three taxable years.The amount of the credit allowed pursuant to this section shall not exceedthe tax imposed for such taxable year.
D. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entity.
