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Virginia Free Printable Draft Form FWV - Application for Farm Wineries and Vineyards Tax Credit for 2020 Virginia FWV - Farm and Wineries Tax Credit Application

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FWV - Farm and Wineries Tax Credit Application
Draft Form FWV - Application for Farm Wineries and Vineyards Tax Credit

Application for Farm Wineries and Vineyards Tax Credit VIRGINIA Form FWV Tax Year ___________ Submit this form by April 1. This credit must be approved before being claimed on your return. See instructions for details. Business Name FEIN / SSN Trading As Office Use Only Street Address City, State, ZIP Code Email Address Contact Name Phone Number Fax Number Entity Type: (Check One)   Sole Proprietor   C Corporation   S Corporation   Partnership  LLC   Other The above named business qualifies as a: c Virginia farm winery - “Virginia farm winery” is defined as an establishment located in the Commonwealth that is licensed as a Virginia farm winery pursuant to Va. Code § 4.1-207 c Virginia vineyard - “Virginia vineyard” is defined as agricultural lands located in the Commonwealth consisting of at least one contiguous acre dedicated to the growing of grapes that are used or are intended to be used in the production of wine by a Virginia farm winery as well as any plants or other improvements thereon. 1. Enter the total amount of qualified capital expenditures. Enclose Schedule A with Form FWV giving the description and amount of each qualified expenditure, date of purchase, and supplier. Round to the nearest whole dollar. Retain the receipts for your records. . . . . . . . . . . . . . . . . . . . . . . . . .00 $ NOTE : Any expenses claimed as a federal deduction under IRC § 179 may not be included in the calculation of this credit. 2. Total credit requested. Multiply Line 1 by 25% (.25). Round to nearest whole dollar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .00 $ Declaration: I (we) the undersigned declare, under the penalties provided by law, that this form (including any accompanying schedules, statements, and attachments) has been examined by me (us) and is, to the best of my (our) knowledge and belief, a true, correct, and complete application, made in good faith pursuant to the income tax laws of the Commonwealth of Virginia. Authorized Signature Title Date Printed Name Phone Number Email Address Fax Number File Form FWV no later than April 1 for expenditures made during the preceding taxable year. Va. Dept. of Taxation  3101030  Rev. 08/17 Form FWV Schedule A Farm Wineries and Vineyards Tax Credit Schedule Name as it Appears on Form FWV Tax Year ___________ FEIN / SSN Complete the below schedule if claiming the Farm Wineries and Vineyards Tax Credit. Copies of Schedule A can be submitted if additional space is needed. Date of Expenditure Detailed Description of Expenditure Amount of Expenditure Supplier .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 $ .00 Instructions for Form FWV, Application for Farm Wineries and Vineyards Tax Credit General Information An individual and corporate income tax credit is available for Virginia farm wineries and vineyards in an amount equal to 25% of the cost of all qualified capital expenditures made in connection with the establishment of new Virginia farm wineries and vineyards and capital improvements made to existing Virginia farm wineries and vineyards. The purpose of this credit is to incentivize winery and vineyard establishment and expansion in Virginia by lessening the burden on Virginia vineyards and farm wineries. Who May Apply? Any Virginia vineyard or Virginia farm winery that has qualified capital expenditures may apply for this tax credit. A “Virginia vineyard” means agricultural lands located in Virginia consisting of at least one contiguous acre dedicated to the growing of grapes that are used or are intended to be used in the production of wine by a Virginia farm winery as well as any plants or other improvements located thereon. A “Virginia farm winery” means an establishment located in Virginia that is licensed as a Virginia farm winery pursuant to Va. Code § 4.1-207. Licensed Virginia farm wineries are authorized to manufacture wine containing 18% or less of alcohol by volume and to sell, deliver, or ship wine in closed containers to the following: • The Virginia Alcoholic Beverage Control Board; • Persons licensed to sell wine at wholesale for the purpose of resale; and • Persons outside Virginia. Additionally, licensed Virginia farm wineries may: • • Acquire and receive deliveries and shipments of wine and sell and deliver or ship this wine to persons licensed to sell wine at wholesale for the purpose of resale or to persons outside Virginia, and Store wine in bonded warehouses located on or off the licensed premises upon permits issued by the Virginia Alcoholic Beverage Control Board. Qualified Capital Expenditures “Qualified capital expenditures” means expenditures made by the taxpayer for the purchase and/or installation of the following: • • • • • Barrels Bins Bottling equipment Capsuling equipment Chemicals • • • • • • • • • • • • • • • • • • • • • • • • Corkers Crushers and destemmers Dirt Fermenters or other recognized fermentation devices Fertilizer and soil amendments Filters Grape harvesters Grape plants Hoses Irrigation equipment Labeling equipment Poles Posts Presses Pumps Refractometers Refrigeration equipment Seeders Tanks Tractors Vats Weeding and spraying equipment Wine tanks Wire The total amount of tax credits available to all taxpayers for a calendar year cannot exceed $250,000. If applications for this credit exceed $250,000, the Department of Taxation will allocate the credits on a pro rata basis. Any credit amounts that exceed a taxpayer’s liability can be carried forward for 10 years. Credits attributable to a partnership, S corporation, or LLC will be allocated to the individual partners, shareholders, or members in proportion to their ownership or interest in the business entity. Taxpayers cannot claim both this credit and a federal deduction for the same expenses under IRC § 179. Ineligible Expenditures This credit may only be claimed for qualified capital expenditures. Any expenditure not included in the list of qualified capital expenditures is ineligible for this credit. Such ineligible expenditures include utilities, service costs, repair costs, and maintenance costs. Any supporting documentation must clearly differentiate the costs of qualified capital expenditures from ineligible expenditures. To qualify for the credit, the capital expenditures must be made in connection with the establishment of a new Virginia farm winery or vineyard or capital improvements made to an existing Virginia farm winery or vineyard. Supporting Documentation What to Expect from the Department You must retain a copy of any supporting documentation of these expenditures for your records. Supporting documentation may include any of the following: 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 acknowledgement of your application by May 31, call (804) 786-2992. • Proof of purchase, such as an invoice or receipt. • Proof of payment, such as a canceled check, bank statement, or credit card statement. Issuance of Tax Credits The Department is responsible for administering the Farm Wineries and Vineyards Tax Credit. Because this credit is subject to an annual $250,000 cap, taxpayers must apply for this credit each year. To apply for the credit, taxpayers must submit Form FWV at the beginning of each calendar year for qualified capital expenditures made during the preceding taxable year. If the amount of tax credit applications exceeds the $250,000 maximum, the Department will allocate all credits on a pro rata basis. Once all credit applications have been received, the Department will issue credit certificates indicating the amount of credit that each taxpayer may claim on its annual tax return. Any allocated credit amounts that exceed a taxpayer’s liability can be carried forward for 10 years. Credits attributable to a partnership, S corporation, or LLC will be allocated to the individual partners, shareholders, or members in proportion to their ownership or interest in the business entity. When to Submit Application Form FWV and any attachments must be completed and mailed no later than April 1 to claim expenditures for the preceding taxable year. 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. Where to Submit Application Submit Form FWV 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. Please do not do both. The Department will issue the credit by June 30. If you have not received your credit certification by July 15, please call (804) 786-2992. 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. IMPORTANT: All business taxpayers should be registered with the Department before completing Form FWV. If you are not registered, complete Form R-1. 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. Pass-Through Entities Each pass-through entity must file Form PTE with the Department within 30 days after the credit is granted. This information should be sent to: 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. Credit must be allocated among owners in proportion to each owner’s percentage of ownership or participation in the pass-through entity. All pass-through entities distributing this credit to its owner(s), shareholders, partners or members must give each 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.
Extracted from PDF file 2019-virginia-form-fwv.pdf, last modified August 2017

More about the Virginia Form FWV Corporate Income Tax Tax Credit TY 2019

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

Other Virginia Corporate 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 502 Pass-Through Entity Return of Income
Form 770 770 - VA Fiduciary Income Tax Return
Form 500 Corporate Income Tax Return
Form 502W 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions
Form 502 VK-1 Owner's Share of Income and Virginia Modifications and Credits

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 FWV from the Department of Taxation in March 2020.

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Form FWV 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 FWV

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


2019 Form FWV

Draft Form FWV - Application for Farm Wineries and Vineyards Tax Credit

2018 Form FWV

Form FWV - Application for Farm Wineries and Vineyards Tax Credit

2017 Form FWV

Form FWV - Application for Farm Wineries and Vineyards Tax Credit

2016 Form FWV

Form FWV - Application for Farm Wineries and Vineyards Tax Credit


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