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Virginia Free Printable Draft Form RMC - Application for Recycling Materials Processing Equipment Tax Credit for 2020 Virginia Application for Recycling Materials Processing Equipment

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Application for Recycling Materials Processing Equipment
Draft Form RMC - Application for Recycling Materials Processing Equipment Tax Credit

VIRGINIA Form RMC Application for Recycling Materials Processing Equipment Tax Credit Tax Year Submit this form by June 1. This credit must be approved before being claimed on your return. See the instructions for details. Name FEIN Trading As/Business Name NAICS Code ___________ Street Address City, State, ZIP Code Email Address Contact Name Phone Number Entity Type: (Check One) C Corporation Partnership LLC Other Fax Number S Corporation IMPORTANT: All applicants must apply for certification from the Department of Environmental Quality prior to March 1. Please see the instructions for more details. 1. Enter amount paid for materials and equipment used predominantly to manufacture, process, compound, or produce items of tangible personal property from recyclable materials........... $ .00 2. If you intend to capitalize machinery and equipment that qualifies for the credit, enter the amount of any original total capitalized costs incurred in the year of purchase to make the machinery and equipment operational.................................................................................... $ .00 3. Total amount paid. Add Lines 1 and 2 and enter here.......................................................... $ .00 4. Total credit requested. Multiply Line 3 by 20% (0.2). Round to the 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. If a person other than the taxpayer prepares this application, such declaration is based on all information of which he or she has knowledge. Authorized Signature Title Printed Name Preparer Name Dept. of Taxation  2604045  Rev. 08/17 Date Phone Number Preparer Email Preparer Phone Number Application Instructions for the Recycling Materials Processing Equipment Tax Credit General Information When to Submit Application The Recyclable Materials Tax Credit may be claimed against individual and corporate income taxes for certain equipment and machinery purchases. For taxable years beginning on or after January 1, 2015, but before January 1, 2020, the tax credit amount is equal to 20% of the purchase price paid during the taxable year for machinery and equipment used predominantly in or on the premises of manufacturing facilities or plant units which manufacture, process, compound, or produce items of tangible personal property from recyclable materials, within the Commonwealth, for sale. The credit amount that may be claimed cannot exceed 40% of the taxpayer’s Virginia income tax liability for the taxable year in which the credit is being claimed. For purposes of determining “purchase price paid,” the taxpayer may use the original total capitalized cost of the machinery and equipment, less capitalized interest. Form RMC and any supporting documentation must be completed and mailed to the Department of Taxation no later than June 1. For any application received without a postmark, the date received by the Department will be used to determine if the application was received by June 1. The total amount of tax credits available to all taxpayers for a fiscal year cannot exceed $2 million. If applications for this credit exceed $2 million, 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. Definitions “Purchase price paid” consists of: • The amount actually paid for machinery and equipment that qualifies for the credit in the year of the purchase; or • If you intend to capitalize machinery and equipment that qualifies for the credit, an amount equal to the original total capitalized cost of the machinery and equipment minus any capitalized interest related to the machinery and equipment. “Original total capitalized costs” include both the purchase price of machinery or equipment that is capitalized for federal income tax purposes, and any capitalized costs incurred in the year of purchase to acquire or produce the machinery or equipment. “Original total capitalized costs” do not include costs that are incurred in a year other than the year of purchase or costs that are not capitalized. When determining the purchase price for machinery or equipment, subtract any capitalized interest related to the purchase from the original total capitalized cost of the machinery or equipment. IMPORTANT All applicants must receive certification from the Department of Environmental Quality (DEQ) prior to applying with the Department of Taxation. All applications for certification must be filed with DEQ by March 1. Please see Form 50‑11S and accompanying instructions, available via the DEQ website, www.deq.virginia.gov. For assistance with Form 50-11S, call: (804) 698-4145. All business taxpayers should be registered with the Department of Taxation before completing Form RMC. 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 June 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. What to Enclose To allow us to process this application, provide the following: • Copies of certification of the machinery and equipment from DEQ. • Proof of purchase of certified machinery and equipment, such as an invoice or receipt. • Summary of all other capitalized cost to make the machinery and equipment operational. This summary should include a date of service, description, and cost. Where to Submit Application Submit Form RMC and any attachments 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 to Expect from the Department If the Department of Taxation needs additional information, we will contact you by August 1 and you will have until August 15 to respond. If you have not received acknowledgement of your application by June 30, call (804) 786-2992. The Department will issue the credit by September 1. If you have not received your credit certification by September 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. 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, a corporation must file Schedule 500CR; an individual must file Schedule CR; and a pass-through entity must file Schedule 502ADJ. 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. Please 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 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-rmc.pdf, last modified August 2017

More about the Virginia Form RMC Corporate Income Tax TY 2019

We last updated the Application for Recycling Materials Processing Equipment in March 2020, so this is the latest version of Form RMC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form RMC 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 502W 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions
Form 500 Corporate Income Tax Return
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 RMC from the Department of Taxation in March 2020.

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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 RMC

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


2019 Form RMC

Draft Form RMC - Application for Recycling Materials Processing Equipment Tax Credit

2018 Form RMC

Form RMC - Application for Recycling Materials Processing Equipment Tax Credit

2017 Form RMC

Form RMC - Application for Recycling Materials Processing Equipment Tax Credit

2016 Form RMC

Form RMC - Application for Recycling Materials Processing Equipment Tax Credit


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