Virginia GJC -Application for Green Jobs Creation Tax Credit
Extracted from PDF file 2019-virginia-form-gjc.pdf, last modified August 2019
GJC -Application for Green Jobs Creation Tax CreditVirginia Form GJC Application for Green Job Creation Tax Credit Tax Year __________ This credit must be approved before being claimed on your return. Each location must file a separate application. See instructions for details. Name Office Use Only Trading As Street Address FEIN / SSN City, State, ZIP Code NAICS Code Principal Business Locality Description of Principal Business Activity Entity Type: (Check One) Individual Partnership C Corporation LLC S Corporation Other _____________________ If you applied for a Major Business Facility Job Tax Credit for the same tax year –STOP– you do not qualify for the Green Job Creation Tax Credit. Renewable, Alternative Energy Type: (Check One) Hydrogen and Fuel Cell Landfill Gas Geothermal Heating Systems Wind Systems Solar Heating Systems Hydropower Systems Biomass and Biofuel Systems Other _____________________ Part 1 – Credit Application – Complete the lines below and enclose GJC Schedule A For each job that the credit is claimed, ALL of the following must apply: 1. Each position applied for has been filled for at least one year; 2. Each position applied for was a new position held in Virginia where each employee worked at least 1,680 hours; and 3. Business has not been allowed (i) a Major Business Facility Job Tax Credit pursuant to Va. Code § 58.1-439 or (ii) a federal tax credit for investments in clean energy manufacturing facilities that fosters the creation of any green job for the creation of any job included in Part 2 of this application. Part 2 – Tentative Credit Computation 1. Enter the number of new eligible green jobs created that have been filled for 12 consecutive months with an annual salary of at least $50,000..................................................................... 1. 2. Enter the number of green jobs with an annual salary of at least $50,000 that were created within any of the 4 preceding taxable years, provided the job is continuously filled during the taxable year for which the Green Job Creation Tax Credit is being claimed............................. 2. 3. Add Lines 1 and 2. If the total is less than 350, enter here. If the total is equal to or greater than 350, enter 350................................................................................................................... 3. 4. Multiply Line 3 by $500. Enter here and on the Schedule CR, Section 1, Part 20, Line A (individuals) or the 500CR, Section 1, Part 18, Line A (corporations)....................................... 4. Part 3 – Declaration I/we the undersigned declare, under the penalties provided by law, that this form (including any accompanying schedules, statements, and enclosures) 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 GJC and any supporting documentation at least 90 days prior to the due date of your return. Va. Dept. of Taxation 3002010 Rev. 08/19 Form GJC Schedule A Job Title 1 2 3 4 5 6 7 8 Green Job Creation Worksheet Tax Year __________ Copies of GJC Schedule A can be submitted if additional space is needed. Position Number Date Locality Position Where Work First Filled is Performed Brief Description of Position SSN of Employee Employee Salary Employee Begin Date Employee End Date Employee City or County and State of Residence Instructions for Form GJC, Green Job Creation Tax Credit Application General Information When to Submit Application For taxable years beginning on and after January 1, 2010, but before January 1, 2021, a $500 income tax credit is allowed for each new green job created within Virginia paying an annual salary in excess of $50,000. Each taxpayer is allowed a credit for up to 350 new green jobs. In order to qualify for the tax credits, the taxpayer must have created the green job and filled it during the taxable year in which the credit is claimed. The credit is allowed for the taxable year in which the job has been filled for at least 1 year and for each of the 4 succeeding taxable years provided that the job is continuously filled during the respective taxable year. Any unused tax credits may be carried over for 5 taxable years. Form GJC and any supporting documentation must be completed and mailed at least 90 days prior to the due date of your return. You must apply each year you are eligible to earn credit for each job that is continuously filled (not to exceed 5 years). In order to qualify for the tax credit, the taxpayer must demonstrate that the green job was created by the taxpayer and the job was filled for the taxable year in which the credit is claimed. If the taxpayer is eligible for the Green Job Creation Tax Credit and creates green jobs in an enterprise zone, the taxpayer may also qualify for the benefits under the Enterprise Zone Grant Program. However, a tax credit is not allowed for any job for which the taxpayer claims the Major Business Facility Job Tax Credit or a federal tax credit for investments in manufacturing facilities for clean energy technologies that would foster investment and job creation in clean energy manufacturing. Definitions Green job – employment in industries relating to the field of renewable, alternative energies, including the manufacture and operation of products used to generate electricity and other forms of energy from alternative sources that include hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems. The Secretary of Commerce and Trade is required to develop a detailed definition and list of jobs that qualify for the credit. This information is available on the Secretary of Commerce and Trade’s website at www.commerce. virginia.gov/initiatives/green-job-tax-credit. Job – employment of an indefinite duration of an individual whose primary work activity is related directly to the field of renewable, alternative energies and for which the standard fringe benefits are paid by the taxpayer, requiring a minimum of either (i) 35 hours of an employee’s time 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 per year. Positions created when a job function is shifted from an existing location in the Commonwealth do not qualify as a job. What to Enclose Provide a copy of the W-2 for each eligible employee. Guaranteed payments – provide a copy of the Schedule K-1 (Form 1065) and a statement indicating if the payments were for services or the use of capital. Where to Submit Application Submit Form GJC and 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. 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 GJC. If you are not registered, complete Form R-1. Taxpayers who do not receive notification of allowable credit amounts before their Virginia income tax return due date may file during the extension period or file their regular return without the credit and then file an amended tax return after receipt of notification of the allowable credit amount to claim the tax credit. Pass-Through Entities Any credits granted to a partnership, limited liability company, or electing small business corporation (S corporation) must be allocated to the individual partners, members, or shareholders, respectively, in proportion to their ownership or interest in such business 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. Please do not do both. All pass-through entities distributing this credit to their owners, 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. Visit www.tax.virginia.gov to obtain most tax forms and additional information.
Form GJC - Green Job Creation Tax Credit Application
More about the Virginia Form GJC Corporate Income Tax Tax Credit TY 2019
We last updated the GJC -Application for Green Jobs Creation Tax Credit in March 2020, so this is the latest version of Form GJC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form GJC directly from TaxFormFinder. You can print other Virginia tax forms here.
Other Virginia Corporate 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|
Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form GJC from the Department of Taxation in March 2020.
Form GJC 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 GJC
We have a total of nine past-year versions of Form GJC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form GJC - Green Job Creation Tax Credit Application
Form GJC - Green Job Creation Tax Credit Application
Form GJC - Application for Green Jobs Creation Tax Credit
While we do our best to keep our list of Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.