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Virginia Free Printable Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax for 2024 Virginia Enterprise Zone Credit - Bank Franchise Tax and Instructions

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Enterprise Zone Credit - Bank Franchise Tax and Instructions
Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

VIRGINIA Form 301 CORPORATION TAX 20____ ENTERPRISE ZONE CREDIT Qualification year 1st year 6th year CORPORATION TAX Enclose this form with your return Name(s) as shown on return or form FEIN 2nd year 3rd year 4th year 5th year 7th year 8th year 9th year 10th year *VAC301119888* Zone Location Code (1) Taxable income subject to credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (2) Percentage of business done within the enterprise zone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) % (3) Income attributable to enterprise zone activity (Line 1 multiplied by Line 2). . . . . . . . . . . . . . . . . . . . . . . . (3) (4) Tax attributable to enterprise zone activity (Line 3 multiplied by 6%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995 General Tax Credit: (5) Applicable percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) % (6) General tax credit (Line 4 multiplied by the percentage on Line 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) Unemployment Tax Credit: (7) Current year unemployment tax credit (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (8) Carryover unemployment tax credit from prior years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) (9) Total unemployment tax credit available this year (add Line 7 and Line 8). . . . . . . . . . . . . . . . . . . . . . . . . (9) (10) Tax attributable to enterprise zone activity, less any general tax credit (Line 4 less Line 6) . . . . . . . . . . . (10) (11) Credit allowed this year (lesser of Line 9 or Line 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) (12) Credit carryover to subsequent year (subtract Line 11 from Line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12) FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995 General Tax Credit: (13) Applicable percentage (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13) % (14) Available credit (Line 4 multiplied by the percentage on Line 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) (15) Credit authorized by the Department of Housing and Community Development. . . . . . . . . . . . . . . . . . . . (15) (16) General tax credit (enter the lesser of Line 14 or Line 15).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16) Space Reserved for Future Use (17) (18) (19) (20) (21) (22) Zone Investment Tax Credit: (23) Zone investment tax credit negotiated with the Department of Housing and Community Development . . . . . (23) (24) Zone investment tax credit used in prior years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (25) Total zone investment tax credit available this year (subtract Line 24 from Line 23). . . . . . . . . . . . . . . . . (25) (26) Credit authorized by the Department of Housing and Community Development. . . . . . . . . . . . . . . . . . . . (26) (27) Lesser of Line 25 or Line 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27) (28) Credit used this year (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) (29) Credit carryover to subsequent year (subtract Line 28 from Line 25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) Total Enterprise Zone Credit: (30) Enter the total of all applicable Enterprise Zone Credits for this year (add Lines 6, 11, 16, and 28). . . . . (30) Va. Dept. of Taxation  2601144  Rev. 08/19 FORM 301 INSTRUCTIONS — CORPORATION TAX GENERAL INFORMATION: Enter the zone location code in the box located at the top of the form. This code number can be obtained from the Certificate of Qualification issued by the Department of Housing and Community Development. The following rules apply when computing tax credits: • • • Where a credit is limited to a percentage of the tax, the "tax" for this purpose shall be gross tax, less the telecommunications company credit. Other income tax credits should be claimed in the order in which they provide the maximum benefit, regardless of the order shown on the return. Claim only as much credit as can be used to offset tax liability and keep accurate records of the carryover available for each credit. LINE BY LINE INSTRUCTIONS: (1) Enter taxable income from Line 7 or 8(a) of Form 500, as appropriate. (2) Enter the percentage of business done within the enterprise zone. Corporations having taxable income from business activity both inside and outside of an enterprise zone must allocate and apportion on Schedule 500A (Form 500) their taxable income attributable to the conduct of business according to Va. Code § 59.1-280(G). Schedule 500A (Form 500) must be enclosed with Form 301. Partners, shareholders of S corporations, and members of LLCs should receive a Schedule 502A (Form 502) from the partnership, S corporation, or LLC, completed for this purpose, and enclose it with their Form 301. (3) Enter the amount from Line 1 above if the qualified business firm operated solely within the enterprise zone. For a qualified business firm which operates both inside and outside of a zone, multiply the taxable income subject to credit (Line 1) by the percentage of business done within the enterprise zone (Line 2). (4) Multiply Line 3 by 6% to determine the tax attributable to enterprise zone activity. FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995 General Tax Credit: (5) Enter the applicable percentage corresponding to the qualification year as follows: Operations prior to July 1, 1992 (a) First tax year - 80% (b) Second tax year - 60% (c) Third tax year - 40% (d) Fourth and fifth tax years - 20% Operations beginning on or after July 1, 1992 (a) First tax year - 80% (b) Second through tenth tax years - 60% (6) Multiply the amount on Line 4 by the percentage on Line 5. This is your current year general tax credit. Any unused tax credit in this category may not be applied to future tax years. (10) Enter the remaining tax attributable to a enterprise zone activity less any general tax credit (Line 4 less Line 6). (11) Credit used this year: Enter the amount from Line 9 or 10, whichever is less. (12) Credit carryover to subsequent year: Subtract the amount on Line 11 from the amount on Line 9. FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995 General Tax Credit: (13) Enter the percentage authorized by the Department of Housing and Community Development. (14) Multiply the amount from Line 4 by the percentage on Line 13. (15) Enter the amount of credit authorized by the Department of Housing and Community Development. (16) Enter the lesser of Line 14 or Line 15. This is your current year general tax credit. Any unused tax credit may not be applied to future tax years. Space Reserved for Future Use (17) (18) (19) (20) (21) (22) Zone Investment Tax Credit: (23) Enter the amount of zone investment tax credit negotiated with the Department of Housing and Community Development. (24) Enter the total zone investment tax credit used in prior years. (25) Total zone investment tax credit: Subtract Line 24 from Line 23. (26) Enter the credit amount authorized by the Department of Housing and Community Development. (27) Enter the amount from Line 25 or Line 26, whichever is less. (28) Enter the amount of credit used this year: The amount entered on this line is the amount on Line 27, but cannot exceed the corporation tax liability amount (Form 500, Line 9) minus all priority credits taken on Schedule 500CR (Section 1, Part 2 and Section 1, Parts 4-28) and Lines 6, 11, and 16 from this form, as applicable. (29) Credit carryover to subsequent year: Subtract the amount on Line 28 from the amount on Line 25. (30) Total Enterprise Zone Credit: Enter the total of all applicable Enterprise Zone Credits for this year from Lines 6, 11, 16, and 28. Enter the total here and on Schedule 500CR, Section 1, Part 3, Line 3A. Unemployment Tax Credit: NOTE: When qualifying in more than one enterprise zone, complete a separate Form 301 for each zone. Add the total credit amount from each Form 301 and enter that amount on Schedule 500CR, Section 1, Part 3, Line 3A. (7) The unemployment tax credit amount is equal to the amount of state unemployment tax paid on employees within the enterprise zone multiplied by the applicable percentage. The percentages are as follows: For additional information, call (804) 367-8037 or write to the Virginia Department of Taxation, P.O. Box 1115, Richmond, VA 23218-1115. You can obtain most Virginia tax forms from the Department's website at www.tax.virginia.gov. Operations prior to July 1, 1992 (a) First tax year - 80% (c) Third tax year - 40% (b) Second tax year - 60% (d) Fourth and fifth tax years - 20% For assistance contact: Operations beginning on or after July 1, 1992 (a) First tax year - 80% (b) Second through tenth tax years - 60% (8) Enter the carryover amount from the prior year. Enclose a computation of the carryover amount. (9) Add Lines 7 and 8. This is the total unemployment tax credit available for the year. Virginia Department of Taxation P.O. Box 1115 Richmond, VA 23218-1115 (804) 367-8037 Tenemos servicios disponible en Español.
Extracted from PDF file 2023-virginia-form-301.pdf, last modified August 2019

More about the Virginia Form 301 Corporate Income Tax Tax Credit TY 2023

We last updated the Enterprise Zone Credit - Bank Franchise Tax and Instructions in February 2024, so this is the latest version of Form 301, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 301 directly from TaxFormFinder. You can print other Virginia tax forms here.

Related Virginia Corporate Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Virginia Form 301.

Form Code Form Name
Form 301 Individual Enterprise Zone Credit - Individual Tax and Instructions
Form 301 Corporation Enterprise Zone Credit - Corporation Tax

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 301 from the Department of Taxation in February 2024.

Show Sources >

Form 301 is a Virginia Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Virginia Form 301

We have a total of eleven past-year versions of Form 301 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2022 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2021 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2020 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2019 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2018 Form 301

Form 301 - Enterprise Zone Tax Credit - Corporation Income Tax

2017 Form 301

Form 301 - Enterprise Zone Tax Credit - Individual Income Tax

2016 Form 301

Form 301 - Enterprise Zone Credit Individual Tax

301 - Enterprise Zone Credit - Bank Franchise Tax and Instructions 2015 Form 301

301-Bank final 12 30 13.indd

301 - Enterprise Zone Credit - Bank Franchise Tax and Instructions 2013 Form 301

301-Bank final 12 30 13.indd


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