Port Incentives

SB 1282: Income tax, state; barge and rail usage tax credit:

  • Grants tax credit for usage of barge/rail to move cargo.
  • Credit is $25 per TEU
  • Credit available for taxable years beginning on 01/01/11 but before 01/01/15
  • Credit is available for taxpayers in Virginia
  • There is a cap of $1.5 million per fiscal year.

 

SB 1136: International trade facility tax credit:

  • Grants an income tax credit equal to $3,000 for every employee hired by Virginia shippers that results from increased cargo of 10% moving through a Virginia cargo facility OR 2% of any capital investment made by a Virginia shipper to facilitate increased cargo moving through a Virginia cargo facility operated by the VPA.
  • Credit available for taxable years beginning on 01/01/11 but before 01/01/15.
  • The taxpayer would elect which credit to take.
  • There is a cap up to $250,000 in tax credits per fiscal year.

 

HB 2531 / SB 1481: Virginia Manufacturer’s port volume increase tax credit:

  • Tax credit to Virginia taxpayers engaged in manufacturing goods or the distribution of manufactured goods that use Virginia port facilities and increase their port volume by 5% in a single year over their base year port cargo volume
  • $50 per TEU
  • There is a max cap of $3.2 million in a calendar year and each taxpayer would be limited to $250,000 annually.

 

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