Port Volume Increase Tax Credit
(Code of Virginia Section 58.1-439.12:10)
Tax credit for taxpayers engaged in the manufacturing of goods or the distribution of manufactured goods, agricultural entities, or mineral or gas entities that use public or private port facilities located in Virginia and increase port cargo at these facilities by a minimum of 5% in a single calendar year over their base year cargo volume. The tax credit is $50 per TEU, unit of RO/RO cargo or 16 tons of noncontainerized cargo. Volume increase requirement waived by the Port of Virginia for a new major facility. There is $3.2 million available in each calendar year. Generally there is a cap of $250,000 per tax payer but a company can receive more if there is excess money in the pot or less if the pot is oversubscribed.