Virginia Code § 58.1-439.12:05 stipulates that for taxable years 2010 to 2025, a taxpayer shall be allowed a credit of $500 for each new green job created with an annual salary of at least $50,000. The credit is to be allowed for the first taxable year the job is created and for the four succeeding taxable years. Each taxpayer qualified for this section shall be allowed credit of up to 350 green jobs. Credits granted to a partnership, limited liability company, or electing small business corporation (S corporation) shall be allocated to the individual partners, members, or shareholders, respectively, in proportion to their ownership or interest in such business entities.
"Green job" are defined as employment in industries relating to the field of renewable, alternative energies, including the manufacture and operation of products used to generate electricity and other forms of energy from alternative sources that include hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems.
Alternative Energy Sources
Eligible alternative energy sources are defined as "hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems."
Green Jobs
Defined as employment in industries relating to the field of renewable, alternative energies, including the manufacture and operation of products used to generate electricity and other forms of energy from alternative sources that include hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Virginia |
| Incentive Type: | Industry Recruitment/Support |
| Web Site: | https://www.vedp.org/incentive/green-job-creation-tax-credit#:~:text=For%20taxable%20years%20beginning%20before,the%20Commonwealth%20by%20the%20taxpayer. |
| Administrator: | Virginia Department of Taxation |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
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| Incentive Amount: | $500 tax credit per job created |
| Maximum Incentive: | The amount of the credit that may be claimed in any single taxable year shall not exceed the taxpayer's liability for taxes imposed by this chapter for that taxable year. |
| Terms: | Must create a new job in the alternative energy/renewable energy fields. The Department of Commerce and Trade will promulgate rules regarding qualifying jobs. |
| Name: | Code of VA § 58.1-439.12:05 |
| Effective Date: | 01/01/2010 |
| Organization: | Virginia Department of Taxation |
| Address: |
Post Office Box 1115 Richmond VA 23218 |
| Phone: | (804) 367-8031 |
| Name: | Taxpayer Assistance - Virginia |
| Organization: | Virginia Department of Taxation |
| Address: |
PO Box 1880 Richmond VA 23218-1880 |
| Phone: | (804) 367-8031 |
| Email: | tax-busqtns@state.va.us |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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