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Virginia Free Printable Form 301 - Enterprise Zone Tax Credit - Individual Income Tax for 2020 Virginia 301 Indiv - Enterprise Zone Credit - Individual Tax and Instructions

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301 Indiv - Enterprise Zone Credit - Individual Tax and Instructions
Form 301 - Enterprise Zone Tax Credit - Individual Income Tax

VIRGINIA Form 301 INDIVIDUAL TAX 20 ___ ENTERPRISE ZONE CREDIT Qualification year INDIVIDUAL TAX Enclose this form with your return Name(s) as shown on return or form j 1st year j 2nd year j 3rd year j 4th year j 5th year Social Security Number/FEIN j 6th year j 7th year j 8th year j 9th year j 10th year *VAI301119888* Zone Location Code (1) Total tax due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (2) Qualified business firm income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) (3) Percentage of business done within the enterprise zone . . . . . . . . . . . . . . . . . . . . . (3) % (4) Income attributable to enterprise zone activity (Line 2 multiplied by Line 3). . . . . . . (4) Total Zone (5) Percentage of enterprise zone income to total income. . . . . . (5) % (6) Tax attributable to enterprise zone activity (Line 1 multiplied by the percentage on Line 5). . . . . . . . . . . . (6) FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995 General Tax Credit: (7) Applicable percentage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) % (8) General tax credit (Line 6 multiplied by the percentage on Line 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) Unemployment Tax Credit: (9) Current year unemployment tax credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) (10) Carryover unemployment tax credit from prior years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) (11) Total unemployment tax credit available this year (add Line 9 and Line 10). . . . . . . . . . . . . . . . . . . . . . . (11) (12) Tax attributable to enterprise zone activity, less any general tax credit (Line 6 less Line 8). . . . . . . . . . . (12) (13) Credit used this year (lesser of Line 11 or Line 12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13) (14) Credit carryover to subsequent year (subtract Line 13 from Line 11). . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995 General Tax Credit: (15) Applicable percentage (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15) % (16) Available credit (Line 6 multiplied by the percentage on Line 15). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16) (17) Credit authorized by the Department of Housing and Community Development . . . . . . . . . . . . . . . . . . . (17) (18) General tax credit (enter the lesser of Line 16 or Line 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18) Space Reserved for Future Use (19) (20) (21) (22) (23) (24) Zone Investment Tax Credit: (25) Zone investment tax credit negotiated with the Department of Housing and Community Development. . . . . (25) (26) Zone investment tax credit used in prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26) (27) Total zone investment tax credit available this year (subtract Line 26 from Line 25). . . . . . . . . . . . . . . . . (27) (28) Credit authorized by the Department of Housing and Community Development . . . . . . . . . . . . . . . . . . . (28) (29) Lesser of Line 27 or Line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) (30) Credit used this year (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30) (31) Credit carryover to subsequent year (subtract Line 30 from Line 27). . . . . . . . . . . . . . . . . . . . . . . . . . . . (31) Total Enterprise Zone Credit: (32) Enter the total of all applicable Enterprise Zone Credits for this year (add Lines 8, 13, 18 and 30). . . . . (32) Va. Dept. of Taxation  2614145  Rev. 08/19 FORM 301 INSTRUCTIONS — INDIVIDUAL 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: c Where a credit is limited to a percentage of the tax, the "tax" for this purpose shall be the tax liability, less the credit for taxes paid to other states. c 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. c 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 the total tax (Line 16 from Form 760 or Line 18 from Form 760PY, Line 4 from Form 770, or Line 18 from Form 763) less any credit claimed for taxes paid to other states. (2) Enter the amount of taxable income derived from a qualified business firm operating within an enterprise zone. Sole proprietorships enter the income reported on federal Schedule C. Owners of pass-through entities (S corporation shareholders, partners, LLC members, etc.) enter the distributive share of income reported to them on federal Schedule K-1. Wages received from pass-through entities (a partnership, S corporation, or LLC, etc.) may not be included on this line. (3) Enter the percentage of business done within the enterprise zone. Qualified business firms 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 must be enclosed with Form 301. Owners of pass-through entities should receive a Schedule 502A (Form 502) from the pass-through entity completed for this purpose, and enclose it with their Form 301. (4) Multiply the amount on Line 2 by the percentage on Line 3 and enter the result here and in the "Zone" column on Line 5. If all business was conducted inside the zone, enter the amount from Line 2 in the "Zone" column on Line 5. (5) Enter Virginia taxable income (Line 15 of Form 760, Line 16 of Form 760PY, Line 17 from Form 763, or Line 3 of Form 770) in the "Total" column and zone income from Form 301, Line 4 in the "Zone" column. Divide the "Zone" income by the "Total" income and enter the percentage in the third column. (6) Multiply Line 1 by the percentage on Line 5 and enter the result. FOR BUSINESSES QUALIFYING PRIOR TO JULY 1, 1995 General Tax Credit: (7) Enter the applicable percentage corresponding to the qualification year as follows: 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% Operations beginning on or after July 1, 1992 (a) First tax year - 80% (b) Second through tenth tax years - 60% (8) Multiply the amount on Line 6 by the percentage on Line 7. This is your current year general tax credit. Any unused tax credit in this category may not be applied to future tax years. Unemployment Tax Credit: (9) 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: 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% Operations beginning on or after July 1, 1992 (a) First tax year - 80% (b) Second through tenth tax years - 60% (10) Enter the carryover amount from the prior year. Enclose computation of the carryover amount. (11) Add Lines 9 and 10. This is the total unemployment tax credit available for the year. (12) Enter the remaining tax attributable to enterprise zone activity (Line 6 less Line 8). (13) Credit used this year: Enter the amount on Line 11 or Line 12, whichever is less. (14) Credit carryover to subsequent years: Subtract the amount on Line 13 from the amount on Line 11. FOR BUSINESSES QUALIFYING ON OR AFTER JULY 1, 1995 General Tax Credit: (15) Enter the percentage authorized by the Department of Housing and Community Development. (16) Multiply the amount from Line 6 by the percentage on Line 15. (17) Enter the amount of credit authorized by the Department of Housing and Community Development. (18) Enter the lesser of Line 16 or Line 17. 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 (19) (20) (21) (22) (23) (24) Zone Investment Tax Credit: (25) Enter the amount of zone investment tax credit negotiated with the Department of Housing and Community Development. (26) Enter the total zone investment tax credit used in prior years. (27) Total zone investment tax credit: Subtract Line 26 from Line 25. (28) Enter the credit amount authorized by the Department of Housing and Community Development. (29) Enter the amount from Line 27 or Line 28, whichever is less. (30) Enter the amount from Line 29, not to exceed the individual tax liability amount minus other credits claimed. For Form 760, 760PY and 763 the total amount of credit cannot exceed the income tax reduced by the amounts on Form 301, Lines 8, 13 and 18 and the total of other tax credits taken. For Form 770, the total amount of credit cannot exceed Form 770, Line 4 reduced by the amounts on Form 301, Lines 8, 13 and 18 from this form and the total of other credits taken. (31) Credit carryover to subsequent year: Subtract the amount on Line 30 from the amount on Line 27. (32) Total Enterprise Zone Credit: Enter the total of all applicable Enterprise Zone Credits for this year from Lines 8, 13, 18 and 30. Enter the total here and on Schedule CR, Part 2, Line 2A (Form 760, 760PY, 763) or for Form 770 filers, Line 5(f). 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 CR, Part 2, Line 2A (Form 760, 760PY, 763) or for Form 770 filers, Line 5(f) of the return. For additional information, call (804) 367-8031 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. For assistance contact: Virginia Department of Taxation P.O. Box 1115 Richmond, VA 23218-1115 (804) 367-8031 Tenemos servicios disponible en Español.
Extracted from PDF file 2019-virginia-form-301-individual.pdf, last modified August 2019

More about the Virginia Form 301 Individual Individual Income Tax Tax Credit TY 2019

We last updated the 301 Indiv - Enterprise Zone Credit - Individual Tax and Instructions in March 2020, so this is the latest version of Form 301 Individual, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 301 Individual directly from TaxFormFinder. You can print other Virginia tax forms here.

Other Virginia Individual Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 760 760 - Resident Individual Income Tax Return
Form VA-4 Employee's Withholding Exemption Certificate
Income Tax Instructions Virginia Income Tax Instructional Booklet
Schedule ADJ ScheduleADJ- VA ScheduleADJ
Form 760PY Part-Year Resident Individual Income Tax Return

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 Individual from the Department of Taxation in March 2020.

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Form 301 Individual is a Virginia Individual 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 Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Virginia Form 301 Individual

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


2019 Form 301 Individual

Form 301 - Enterprise Zone Tax Credit - Individual Income Tax

2018 Form 301 Individual

Form 301 - Enterprise Zone Tax Credit - Individual Income Tax

2017 Form 301 Individual

Form 301 - Enterprise Zone Tax Credit - Individual Income Tax

2016 Form 301 Individual

Form 301 - Enterprise Zone Credit Individual Tax


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