A. For taxable years beginning on and after January 1, 1997, any taxpayershall be allowed a credit against the taxes imposed by § 58.1-320 or §58.1-400 in an amount equal to twenty-five percent of all expenditures paidor incurred by such taxpayer in such taxable year for planning, sitepreparation, construction, renovation, or acquisition of facilities for thepurpose of establishing a child day-care facility to be used primarily by thechildren of such taxpayer's employees, and equipment installed for permanentuse within or immediately adjacent to such facility, including kitchenappliances, to the extent that such equipment or appliances are necessary inthe use of such facility for purposes of child day-care; however, the amountof credit allowed to any taxpayer under this section shall not exceed$25,000. If two or more taxpayers share in the cost of establishing the childday-care facility for the children of their employees, each such taxpayershall be allowed such credit in relation to the respective share paid orincurred by such taxpayer, of the total expenditures for the facility in suchtaxable year.
B. The credits provided under this section shall be allowed only if (i) thechild day-care facility shall be operated under the authority of a licenseissued by the Commissioner of Social Services pursuant to § 63.2-1701, (ii)an application for a building permit for the facility is made after July 1,1996, and (iii) the Tax Commissioner approves a taxpayer's application for acredit. Proper applications submitted to the Department for the credit shallbe approved in the order received. For each application approved for creditit shall be assumed that the amount of the credit will be $25,000, and theamount of the credit will be taken in the fiscal year in which theapplication is approved and the following two fiscal years. Approval ofapplications shall be limited to those that are assumed to result in no morethan $100,000 of credits in any fiscal year based on the assumptions setforth in this subsection.
C. Any tax credit not usable for the taxable year may be carried over to theextent usable for the next three taxable years; however, the balance of acredit shall not be claimed for any succeeding taxable year in which thechild day-care facility is operated for purposes of child day-care for lessthan six months.
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 entities.
A. For taxable years beginning on and after January 1, 1997, any taxpayershall be allowed a credit against the taxes imposed by § 58.1-320 or §58.1-400 in an amount equal to twenty-five percent of all expenditures paidor incurred by such taxpayer in such taxable year for planning, sitepreparation, construction, renovation, or acquisition of facilities for thepurpose of establishing a child day-care facility to be used primarily by thechildren of such taxpayer's employees, and equipment installed for permanentuse within or immediately adjacent to such facility, including kitchenappliances, to the extent that such equipment or appliances are necessary inthe use of such facility for purposes of child day-care; however, the amountof credit allowed to any taxpayer under this section shall not exceed$25,000. If two or more taxpayers share in the cost of establishing the childday-care facility for the children of their employees, each such taxpayershall be allowed such credit in relation to the respective share paid orincurred by such taxpayer, of the total expenditures for the facility in suchtaxable year.
B. The credits provided under this section shall be allowed only if (i) thechild day-care facility shall be operated under the authority of a licenseissued by the Commissioner of Social Services pursuant to § 63.2-1701, (ii)an application for a building permit for the facility is made after July 1,1996, and (iii) the Tax Commissioner approves a taxpayer's application for acredit. Proper applications submitted to the Department for the credit shallbe approved in the order received. For each application approved for creditit shall be assumed that the amount of the credit will be $25,000, and theamount of the credit will be taken in the fiscal year in which theapplication is approved and the following two fiscal years. Approval ofapplications shall be limited to those that are assumed to result in no morethan $100,000 of credits in any fiscal year based on the assumptions setforth in this subsection.
C. Any tax credit not usable for the taxable year may be carried over to theextent usable for the next three taxable years; however, the balance of acredit shall not be claimed for any succeeding taxable year in which thechild day-care facility is operated for purposes of child day-care for lessthan six months.
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 entities.
A. For taxable years beginning on and after January 1, 1997, any taxpayershall be allowed a credit against the taxes imposed by § 58.1-320 or §58.1-400 in an amount equal to twenty-five percent of all expenditures paidor incurred by such taxpayer in such taxable year for planning, sitepreparation, construction, renovation, or acquisition of facilities for thepurpose of establishing a child day-care facility to be used primarily by thechildren of such taxpayer's employees, and equipment installed for permanentuse within or immediately adjacent to such facility, including kitchenappliances, to the extent that such equipment or appliances are necessary inthe use of such facility for purposes of child day-care; however, the amountof credit allowed to any taxpayer under this section shall not exceed$25,000. If two or more taxpayers share in the cost of establishing the childday-care facility for the children of their employees, each such taxpayershall be allowed such credit in relation to the respective share paid orincurred by such taxpayer, of the total expenditures for the facility in suchtaxable year.
B. The credits provided under this section shall be allowed only if (i) thechild day-care facility shall be operated under the authority of a licenseissued by the Commissioner of Social Services pursuant to § 63.2-1701, (ii)an application for a building permit for the facility is made after July 1,1996, and (iii) the Tax Commissioner approves a taxpayer's application for acredit. Proper applications submitted to the Department for the credit shallbe approved in the order received. For each application approved for creditit shall be assumed that the amount of the credit will be $25,000, and theamount of the credit will be taken in the fiscal year in which theapplication is approved and the following two fiscal years. Approval ofapplications shall be limited to those that are assumed to result in no morethan $100,000 of credits in any fiscal year based on the assumptions setforth in this subsection.
C. Any tax credit not usable for the taxable year may be carried over to theextent usable for the next three taxable years; however, the balance of acredit shall not be claimed for any succeeding taxable year in which thechild day-care facility is operated for purposes of child day-care for lessthan six months.
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 entities.
