                                 CODE OF VIRGINIA

THE VIRGINIA COAL EMPLOYMENT AND PRODUCTION INCENTIVE TAX CREDIT (§
58.1-2626.1)

A. For the tax years beginning on and after January 1, 1988, but before January
1, 2022, every corporation in the Commonwealth doing the business of furnishing
water, heat, light, or power to the Commonwealth or its citizens, whether by
means of electricity, gas, or steam shall be allowed a credit against the tax
imposed by &#xA7; 58.1-2626 in the following amount: $1 per ton for each ton of
coal purchased and consumed by such corporation in excess of the number of tons
of Virginia coal purchased by such corporation in 1985, provided such coal was
mined in Virginia as certified by the producer of such coal. This credit shall
be prorated equally against the corporation&#8217;s estimated payments made in
September and December and the final payment.

B. For tax years beginning on and after January 1, 1989, but before January 1,
2022, every corporation in the Commonwealth doing the business of furnishing
water, heat, light, or power to the Commonwealth or its citizens, whether by
means of electricity, gas, or steam shall be allowed additional credit against
the tax imposed by &#xA7; 58.1-2626 in the following amount: $1 per ton for each
ton of coal purchased and consumed by such corporation, provided such coal was
mined in Virginia as certified by such seller. The credit shall be prorated
equally against the corporation&#8217;s estimated payments made in September and
December and the final payment.

HISTORY: 1986, c. 450; 1989, c. 429; 2000, c. 929; 2021, Sp. Sess. I, cc. 553,
554.