CODE OF VIRGINIA

TAX CREDIT FOR PURCHASE OF WASTE MOTOR OIL BURNING EQUIPMENT (§ 58.1-439.10)

A. For taxable years beginning on and after January 1, 1999, a taxpayer who
operates a business facility within the Commonwealth which accepts waste motor
oil from the public shall be allowed a credit against the taxes imposed pursuant
to Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) of this chapter
in an amount equal to fifty percent of the purchase price paid during the
taxable year for equipment used exclusively for burning waste motor oil at the
business facility. The total credit allowed to any taxpayer under this section
in any taxable year shall not exceed $ 5,000.

B. The Department of Environmental Quality shall certify that such equipment is
used to burn waste motor oil at a business facility within the Commonwealth
which accepts waste motor oil from the public before the taxpayer shall be
entitled to the tax credit under this section. The taxpayer shall also submit
with his income tax return such receipts, invoices, and other documentation as
may be necessary to confirm the taxpayer’s statement of the purchase price
paid for the waste motor oil burning equipment. Any tax credit under this
section shall be used only for the taxable year in which the purchase price of
the waste motor oil burning equipment was paid.

C. For purposes of this section, the amount of any credit attributable to the
purchase of equipment used exclusively for burning waste motor oil by a
partnership or electing small business corporation (S corporation) shall be
allocated to the individual partners or shareholders in proportion to their
ownership or interest in the partnership or S corporation.

HISTORY: 1998, c. 896.