58.1-439.12:05 - Green job creation tax credit.
§ 58.1-439.12:05. Green job creation tax credit.
A. For taxable years beginning on or after January 1, 2010, but beforeJanuary 1, 2015, a taxpayer shall be allowed a credit against the tax leviedpursuant to § 58.1-320 or 58.1-400 for each new green job created within theCommonwealth by the taxpayer. The amount of the annual credit for each newgreen job shall be $500 for each annual salary that is $50,000 or more. Thecredit shall be first allowed for the taxable year in which the job has beenfilled for at least one year and for each of the four succeeding taxableyears provided the job is continuously filled during the respective taxableyear. Each taxpayer qualifying under this section shall be allowed the creditfor up to 350 green jobs.
B. As used in this section:
"Green job" means employment in industries relating to the field ofrenewable, alternative energies, including the manufacture and operation ofproducts used to generate electricity and other forms of energy fromalternative sources that include hydrogen and fuel cell technology, landfillgas, geothermal heating systems, solar heating systems, hydropower systems,wind systems, and biomass and biofuel systems. The Secretary of Commerce andTrade shall develop a detailed definition and list of jobs that qualify forthe credit provided in this section and shall post them on his website.
"Job" means employment of an indefinite duration of an individual whoseprimary work activity is related directly to the field of renewable,alternative energies and for which the standard fringe benefits are paid bythe taxpayer, requiring a minimum of either (i) 35 hours of an employee'stime per week for the entire normal year of such taxpayer's operations, which"normal year" must consist of at least 48 weeks, or (ii) 1,680 hours peryear. Positions created when a job function is shifted from an existinglocation in the Commonwealth shall not qualify as a job under this section.
C. To qualify for the tax credit provided in subsection A, a taxpayer shalldemonstrate that the green job was created by the taxpayer, and that such jobwas continuously filled in the Commonwealth during the respective taxableyear.
D. The amount of the credit shall not exceed the total amount of tax imposedby this chapter for the taxable year in which the green job was continuouslyfilled. If the amount of credit allowed exceeds the taxpayer's tax liabilityfor such taxable year, the amount that exceeds the tax liability may becarried over for credit against the income taxes of the taxpayer in the nextfive taxable years or until the total amount of the tax credit has beentaken, whichever is sooner.
E. Credits granted to a partnership, limited liability company, or electingsmall business corporation (S corporation) shall be allocated to theindividual partners, members, or shareholders, respectively, in proportion totheir ownership or interest in such business entities.
F. If the taxpayer is eligible for the tax credits under this section andcreates green jobs in an enterprise zone, as defined in § 59.1-539, suchtaxpayer may also qualify for the benefits under the Enterprise Zone GrantProgram (§ 59.1-538 et seq.).
G. A taxpayer shall not be allowed a tax credit pursuant to this section forany green job for which the taxpayer is allowed (i) a major business facilityjob tax credit pursuant to § 58.1-439 or (ii) a federal tax credit forinvestments in manufacturing facilities for clean energy technologies thatwould foster investment and job creation in clean energy manufacturing.
(2010, cc. 722, 727.)