                                 CODE OF VIRGINIA

TAX CREDIT FOR VEHICLE EMISSIONS TESTING EQUIPMENT, CLEAN-FUEL VEHICLES AND
CERTAIN REFUELING PROPERTY (§ 58.1-438.1)

Any corporation, individual or public service corporation shall be allowed a
credit against the income or gross receipts taxes imposed by Subtitle I (§
58.1-100 et seq.) and Chapter 26 (§ 58.1-2600 et seq.) of Title 58.1 of (i) an
amount equal to ten percent of the deduction allowed to such corporation,
individual or public service corporation under Section 179A of the Internal
Revenue Code for purchases of clean-fuel vehicles principally garaged in
Virginia or certain refueling property placed in service in Virginia or ten
percent of the costs used to compute the credit under Section 30 of the Internal
Revenue Code and (ii) an amount equal to twenty percent of the purchase or lease
price paid during the taxable year for equipment certified by the Department of
Environmental Quality for vehicle emissions testing, located within, or within
any county, city or town adjacent to, any county, city or town wherein
implementation of an enhanced vehicle emissions inspection program, as defined
in § 46.2-1176, is required. Credits granted to a partnership or S corporation
shall be passed through to the partners or shareholders, respectively. If the
credit exceeds the tax liability in a year, the credit may be carried forward up
to five succeeding years.

HISTORY: 1993, c. 562; 1994, cc. 164, 875; 1995, c. 100; 1997, c. 350; 1998, c.
599.