2006 Code of Virginia § 58.1-438.1 - Tax credit for vehicle emissions testing equipment, clean-fuel vehicles and certain refueling prope...

58.1-438.1. Tax credit for vehicle emissions testing equipment, clean-fuelvehicles and certain refueling property.

Any corporation, individual or public service corporation shall be allowed acredit against the income or gross receipts taxes imposed by Subtitle I (58.1-100 et seq.) and Chapter 26 ( 58.1-2600 et seq.) of Title 58.1 of (i)an amount equal to ten percent of the deduction allowed to such corporation,individual or public service corporation under Section 179A of the InternalRevenue Code for purchases of clean-fuel vehicles principally garaged inVirginia or certain refueling property placed in service in Virginia or tenpercent of the costs used to compute the credit under Section 30 of theInternal Revenue Code and (ii) an amount equal to twenty percent of thepurchase or lease price paid during the taxable year for equipment certifiedby the Department of Environmental Quality for vehicle emissions testing,located within, or within any county, city or town adjacent to, any county,city or town wherein implementation of an enhanced vehicle emissionsinspection program, as defined in 46.2-1176, is required. Credits grantedto a partnership or S corporation shall be passed through to the partners orshareholders, respectively. If the credit exceeds the tax liability in ayear, the credit may be carried forward up to five succeeding years.

(1993, c. 562; 1994, cc. 164, 875; 1995, c. 100; 1997, c. 350; 1998, c. 599.)