An income tax credit is allowed for either capital investment in an international trade facility (ITF) or increasing jobs related to an international trade facility. To qualify, an ITF must show at least a 5% increase in shipments through Virginia Port Authority (VPA) ports in Virginia. The amount of the credit is equal to $3,500 per new qualified full-time employee that results from increased qualified trade activities by the taxpayer or 2% of the amount of capital investment made by the taxpayer to facilitate the increased eligible trade activities. Taxpayers can elect to claim either credit, but cannot claim both credits in the same taxable year.
A qualified company that claims employees for the Major Business Facility Job Tax Credit or the International Trade Facility Tax Credit cannot receive a Port of Virginia Economic and Infrastructure Development Grant (POV Grant) for those previously claimed jobs.