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Details:
• New Design:Form 760PY and 763 has been redesigned for 2010. This redesign makes the form easier for taxpayers to complete and for the Department to process. The Schedule NPY has been eliminated and there are two new schedules for part-year filers. The Virginia Schedule of Income should be completed by all part-year filers.
• Advancement of Virginia’s Fixed Date Conformity with the Internal Revenue Code:Virginia’s date of conformity with the Internal Revenue Code (IRC) was advanced from December 31, 2008, to January 22, 2010. The 30% and 50% bonus depreciation allowance for certain assets under the IRC and the 5-year net operating loss (NOL) carry back allowed for net operating losses generated in taxable year 2008 or 2009 are still not allowed.
• Land Preservation Tax Credit:The amount of Land Preservation Credits that may be claimed on income tax returns has been reduced from $100,000 per taxpayer to $50,000 per taxpayer effective for credits claimed for taxable years beginning on and after January 1, 2009, but before January 1, 2012. The carryover period has been extended by two years for those affected by this limitation
- Major Business Facility Job Tax Credit: Beginning in January 2010, the number of qualified full-time jobs needed to qualify for the Major Business Facility Job Tax Credit is reduced from 100 to 50.
- The number of qualified full-time jobs needed to qualify for the Major Business Facility Job Tax Credit in economically distressed areas or enterprise zones is reduced from 50 to 25.
• Community of Opportunity Tax Credit:Beginning with the 2010 taxable year, individual and corporate landlords who participate in a housing choice voucher program are allowed a credit equal to 10% of the fair market value of the rent for each qualified housing unit.
• Green Jobs Creation Credit:Beginning with the 2010 taxable year, certain corporate and individual employers are allowed an income tax credit for certain new “green jobs” that are created in Virginia by the taxpayer.
• Capital Gains Exemption for Technology Businesses:Beginning with taxable year 2011, taxpayers may subtract capital gains income related to certain investments made beginning in 2010.
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