§ 58.1-439.5. Agricultural best management practices tax credit.
A. For all taxable years beginning on and after January 1, 1998, anycorporation engaged in agricultural production for market who has in place asoil conservation plan approved by the local Soil and Water ConservationDistrict (SWCD) shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling twenty-five percent of the first $70,000expended for agricultural best management practices by the corporation. Asused in this section, "agricultural best management practice" means apractice approved by the Virginia Soil and Water Conservation Board (VSWCB)which will provide a significant improvement to water quality in the state'sstreams and rivers and the Chesapeake Bay and is consistent with other stateand federal programs that address agricultural, nonpoint-source-pollutionmanagement. Eligible practices shall include, but are not limited to, thefollowing:
1. Livestock-waste and poultry-waste management;
2. Soil erosion control;
3. Nutrient and sediment filtration and detention;
4. Nutrient management; and
5. Pest management and pesticide handling.
A detailed list of the standards and criteria for practices eligible forcredit shall be found in the most recently approved "Virginia AgriculturalBMP Implementation Manual" published by the Department of Conservation andRecreation.
B. Any practice approved by the local Soil and Water Conservation DistrictBoard shall be completed within the taxable year in which the credit isclaimed. After the practice installation has been completed, the local SWCDBoard shall certify the practice as approved and completed, and eligible forcredit. The applicant shall forward the certification to the Department ofTaxation on forms provided by the Department. The credit shall be allowedonly for expenditures made by the taxpayer from funds of his own sources.
C. The amount of such credit shall not exceed $17,500 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year the projectwas completed, as certified by the Board. If the amount of the credit exceedsthe taxpayer's liability for such taxable year, the excess may be carriedover for credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken.
D. For purposes of this section, the amount of any credit attributable toagricultural best management practices by a partnership or electing smallbusiness corporation (S Corporation) shall be allocated to the individualpartners or shareholders in proportion to their ownership or interest in thepartnership or S Corporation.
§ 58.1-439.5. Agricultural best management practices tax credit.
A. For all taxable years beginning on and after January 1, 1998, anycorporation engaged in agricultural production for market who has in place asoil conservation plan approved by the local Soil and Water ConservationDistrict (SWCD) shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling twenty-five percent of the first $70,000expended for agricultural best management practices by the corporation. Asused in this section, "agricultural best management practice" means apractice approved by the Virginia Soil and Water Conservation Board (VSWCB)which will provide a significant improvement to water quality in the state'sstreams and rivers and the Chesapeake Bay and is consistent with other stateand federal programs that address agricultural, nonpoint-source-pollutionmanagement. Eligible practices shall include, but are not limited to, thefollowing:
1. Livestock-waste and poultry-waste management;
2. Soil erosion control;
3. Nutrient and sediment filtration and detention;
4. Nutrient management; and
5. Pest management and pesticide handling.
A detailed list of the standards and criteria for practices eligible forcredit shall be found in the most recently approved "Virginia AgriculturalBMP Implementation Manual" published by the Department of Conservation andRecreation.
B. Any practice approved by the local Soil and Water Conservation DistrictBoard shall be completed within the taxable year in which the credit isclaimed. After the practice installation has been completed, the local SWCDBoard shall certify the practice as approved and completed, and eligible forcredit. The applicant shall forward the certification to the Department ofTaxation on forms provided by the Department. The credit shall be allowedonly for expenditures made by the taxpayer from funds of his own sources.
C. The amount of such credit shall not exceed $17,500 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year the projectwas completed, as certified by the Board. If the amount of the credit exceedsthe taxpayer's liability for such taxable year, the excess may be carriedover for credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken.
D. For purposes of this section, the amount of any credit attributable toagricultural best management practices by a partnership or electing smallbusiness corporation (S Corporation) shall be allocated to the individualpartners or shareholders in proportion to their ownership or interest in thepartnership or S Corporation.
§ 58.1-439.5. Agricultural best management practices tax credit.
A. For all taxable years beginning on and after January 1, 1998, anycorporation engaged in agricultural production for market who has in place asoil conservation plan approved by the local Soil and Water ConservationDistrict (SWCD) shall be allowed a credit against the tax imposed by §58.1-400 of an amount equaling twenty-five percent of the first $70,000expended for agricultural best management practices by the corporation. Asused in this section, "agricultural best management practice" means apractice approved by the Virginia Soil and Water Conservation Board (VSWCB)which will provide a significant improvement to water quality in the state'sstreams and rivers and the Chesapeake Bay and is consistent with other stateand federal programs that address agricultural, nonpoint-source-pollutionmanagement. Eligible practices shall include, but are not limited to, thefollowing:
1. Livestock-waste and poultry-waste management;
2. Soil erosion control;
3. Nutrient and sediment filtration and detention;
4. Nutrient management; and
5. Pest management and pesticide handling.
A detailed list of the standards and criteria for practices eligible forcredit shall be found in the most recently approved "Virginia AgriculturalBMP Implementation Manual" published by the Department of Conservation andRecreation.
B. Any practice approved by the local Soil and Water Conservation DistrictBoard shall be completed within the taxable year in which the credit isclaimed. After the practice installation has been completed, the local SWCDBoard shall certify the practice as approved and completed, and eligible forcredit. The applicant shall forward the certification to the Department ofTaxation on forms provided by the Department. The credit shall be allowedonly for expenditures made by the taxpayer from funds of his own sources.
C. The amount of such credit shall not exceed $17,500 or the total amount ofthe tax imposed by this chapter, whichever is less, in the year the projectwas completed, as certified by the Board. If the amount of the credit exceedsthe taxpayer's liability for such taxable year, the excess may be carriedover for credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken.
D. For purposes of this section, the amount of any credit attributable toagricultural best management practices by a partnership or electing smallbusiness corporation (S Corporation) shall be allocated to the individualpartners or shareholders in proportion to their ownership or interest in thepartnership or S Corporation.
