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Virginia Free Printable Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit for 2024 Virginia EDC - Taxpayer Application for Qualified Equity and Subordinated Debt Investments Credit

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EDC - Taxpayer Application for Qualified Equity and Subordinated Debt Investments Credit
Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

Virginia Form EDC Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit Tax Year Ending _______ , 20______ Submit this form by April 1. Credit must be approved before being claimed on your tax return. See instructions for details. Name (One name per application) SSN/FEIN (One per application) Street Address Phone Number City, State, and ZIP Code Email Address Entity Type: (Check one)  Individual  Partnership  LLC   S Corporation  Trust If you made a cash investment in a qualifying business in the form of qualified equity or subordinated debt, submit this application to the Department. The Department will determine the allowable credit amount. The credit is equal to 50% of the amount of all qualifying investments made during the taxable year. The aggregate amount of credit that may be claimed per taxpayer per year is limited to the amount of tax or $50,000, whichever is less. The credit is nonrefundable; however, excess credit may be carried forward for up to 15 years. The Department will prorate the allowable credits if total annual requests exceed $5 million. Penalties and forfeiture of this credit may apply if the equity investment is held for less than 3 years following the year the credit is allocated or on any subordinated debt investment that is held for less than 3 years. IMPORTANT: See the instructions for details on when and where to submit the application. No application received after April 1st will be eligible for the credit. PART I – BUSINESS ENTITY IDENTIFICATION Business Entity 2 Business Entity 1 Complete this section for each qualifying investment. You must have a Department-issued qualified business certification from each qualifying business. Do not include investments in which you or any family members, or any entity affiliated with you, receives or has received compensation from the qualified business in exchange for services provided to the business as an employee, officer, director, manager, independent contractor, or otherwise in connection with or within 1 year before or after the date of such investment. Enclose additional pages if needed. 1.  Name of Qualified Business Entity: 2.  Certificate Number from Form QBA Provided by the Qualified Business: 3.  Name and Type of Investment (i.e. equity or subordinated debt): 3a. Date Qualified Investment Made: 3b. Amount of Qualified Investment: $ 3c. Will this investment be claimed as a subtraction for the Venture Capital Account Investment Fund or the subtraction for Certified Virginia Real Estate Investment Trusts? . . . . . . . . . . . . . . . . . . . . .00 Yes No 1.  Name of Qualified Business Entity: 2.  Certificate Number from Form QBA Provided by the Qualified Business: 3.  Name and Type of Investment (i.e. equity or subordinated debt): 3a. Date Qualified Investment Made: 3b. Amount of Qualified Investment: $ 3c. Will this investment be claimed as a subtraction for the Venture Capital Account Investment Fund or the subtraction for Certified Virginia Real Estate Investment Trusts? . . . . . . . . . . . . . . . . . . . . .00 Yes No PART II – TOTAL CREDIT REQUESTED 1.  TOTAL QUALIFIED INVESTMENT (including any amounts listed on separate pages).. . . . . . . . . $ .00 2.  Multiply Total Qualified Investment (Line 1) Amount by 0.5 (50%). Enter result here.. . . . . . . . . . . $ .00 3.  Total Number of Qualified Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART III – DECLARATION Under penalty of law, I have read and understand the limitations and restrictions for this credit. Taxpayer Signature Date Title Printed Name Phone Number Authorized Representative Phone Number Address Va. Dept. of Taxation  2601154  Rev. 08/23 Email Address Instructions for Form EDC Taxpayer Application for Qualified Equity and Subordinated Debt Investments Tax Credit General Information Under Va. Code § 58.1-339.4 (E), the Qualified Equity and Subordinated Debt Investments Tax Credit is capped at $5 million annually. Of the amount of available credit, onehalf of this amount must be allocated to commercialization investments and the other half is available for all other qualifying investments. If credit applications for either half exceed the allowed amount, the credits for that half will be prorated. If credit applications for either half are less than the allowed amount, the balance will be available for allocation to the other type of credits. Investments do not qualify for the credit if the same investment was used to claim the Venture Capital Investment subtraction or the Virginia Real Estate Investment Trust subtraction. See Form QBA for the list of criteria a business must satisfy in order to become a qualified business. When to Submit This Application As the holder of this investment, you or any of your family members (spouse, children, grandchildren, parents, spouse’s parents, or grandparents) or any entity directly or indirectly affiliated with you, do not and have not received compensation from the qualified business in exchange for services provided to such business as an employee, officer, director, manager, independent contractor, or otherwise in connection with or within one year before or after the date of such investment. For the purposes hereof, reimbursement of reasonable expenses incurred shall not be deemed to be compensation. The statement provided to investors must be signed by a company officer. For investors affiliated with the qualified business, such as the Corporate Officer, CFO, etc., the statement should be signed by another member of the company. Note: For married investors, the credit cannot be issued jointly. The investment must be made individually and a separate Form EDC and business statement must be provided for each spouse. Where to Submit This Application Submit Form EDC as soon as possible after receiving all of your Form QBA certifications for qualified investments made during the previous taxable year and as soon as possible BEFORE your tax filing deadline. Taxpayers making a qualified investment during a calendar year MUST submit this application and all supporting documentation no later than April 1 of the following year. Submit Form EDC and any enclosures to the Department of Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or fax it to (804) 774-3902. For any application received without a postmark, the date received by the Department will be used to determine if the application was received by the filing deadline. Note: the postmark cannot be handwritten. If the Department needs additional information, the agency will contact you by May 1 and you will have until May 15 to respond. If you have not received acknowledgment of your application by May 31, call (804) 786-2992. What to Enclose The Department will issue the credit by June 30. If you have not received your credit certification by July 15, call (804) 786-2992. Enclose the following items: • A copy of the qualified business certification (issued to the business by the Department); • A business entity’s statement, on the business’ letterhead, containing: • the investor’s name; • the investment by amount (list each amount separately); • the investment by type (equity or debt); • the investment by date (specific to each investment amount); • verification that the investment meets the definition of a “qualified investment” for purposes of claiming the credit pursuant to Va. Code § 58.1-339.4. Title 23 of the Virginia Administrative Code (VAC) 10‑110‑225 et seq. provide regulations on how this credit applies. What to Expect from the Department What Does the Taxpayer Need to Do Upon receiving notification of the allowable credit amount, taxpayers may claim the allowable credit amount on the applicable Virginia income tax return and compute any carryover credit amount. If the tax return upon which this credit will be claimed is due on or before May 1, you may need to either submit an extension payment for any tax due or file an amended return once you have received the credit certification. IMPORTANT NOTES • By providing an email address on the form, the taxpayer consents to allow emailed communications from the Virginia Department of Taxation related to this tax credit application. If the taxpayer does not wish to receive electronic communications, do not enter an email address in the spaces provided on the form. • Any business entity filing Form EDC should be registered with the Department before completing the form. If you are a business entity and are not registered, complete Form R-1. Holding Period Required Investor Holding Period • Equity received in connection with a qualified business investment must be held by the taxpayer for at least 3 full calendar years following the calendar year for which a tax credit is allocated. • Subordinated debt received in connection with a qualified business investment must be held by the taxpayer for at least 3 years from the date of issuance. • Holding Period Exception – Liquidation of the qualified business issuing such equity; the merger, consolidation or other acquisition of such business; with or by a party not affiliated with such business or the death of the taxpayer. Penalty for Not Meeting the Required Holding Period If the required holding period is not met, the taxpayer must forfeit the unused credit amount and will be assessed for the credit utilized, to which shall be added interest, computed at the rate of 1% per month, compounded monthly from the date the tax credits were claimed. Pass-Through Entities Each pass-through entity must file Form TCA with the Department when allocating this credit to its participants. Form TCA should be filed within 30 days after the credit is granted, but at least 90 days prior to the participants filing their income tax returns. Failure to file Form TCA may result in the credit claim being disallowed and/or a delay in processing the participant’s return. Form TCA should be sent to: Virginia Department of Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or you may fax it to (804) 774-3902. Do not do both. All pass-through entities distributing this credit to its participants, including owners, shareholders, partners, or members, must give each such participant a Schedule VK‑1, Owner’s Share of Income and Virginia Modifications and Credits. Where to Get Help Write to the Virginia Department of Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or call (804) 786‑2992. To order forms or a copy of the regulations call (804) 367-8031. Visit www.tax.virginia.gov to obtain most Virginia income tax forms and additional tax information. Forms are also available from your local Commissioner of the Revenue, Director of Finance, or Director of Tax Administration.
Extracted from PDF file 2023-virginia-form-edc.pdf, last modified August 2023

More about the Virginia Form EDC Individual Income Tax Tax Return TY 2023

We last updated the EDC - Taxpayer Application for Qualified Equity and Subordinated Debt Investments Credit in January 2024, so this is the latest version of Form EDC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form EDC directly from TaxFormFinder. You can print other Virginia tax forms here.


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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 Resident Individual Income Tax Return
Income Tax Instructions Virginia Income Tax Instructional Booklet
Form 760ES VA Estimated Income Tax Payment Vouchers and Instructions for Individuals
Form 763S Claim for Individual Income Tax Withheld
Form VA-4 Employee's Withholding Exemption Certificate

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 EDC from the Department of Taxation in January 2024.

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Form EDC is a Virginia Individual Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

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 EDC

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


2023 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2022 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2021 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2020 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2019 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2018 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2017 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

2016 Form EDC

Form EDC - Taxpayer Application for the Qualified Equity and Subordinated Debt Investments Tax Credit

EDC - Taxpayer Application for Qualified Equity and Subordinated Debt Investments Credit 2014 Form EDC

EDC Flat Final12 23 14.indd

2012 Form EDC

EDC final 11 26 12 final.indd

2011 Form EDC

EDC final 12 21 11.indd


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