Green Jobs Tax Credit

NOTE: This tax credit expired at the end of 2015. This summary here is for information purpose only. In April 2010, Virginia enacted the green jobs tax credit. For every green job created with a yearly salary of $50,000 or more, the company will earn a $500 income tax credit for five years. The Office of Commerce and Trade will develop a full list of jobs eligible to qualify for the tax credit. Companies will be allowed tax credits for up to 350 green jobs created. If the taxpayer does not have enough tax liability to take the full credit, it may be carried forward for up to 5 years.

The program is set to expire on December 31, 2014. Applicants may also be eligible for the Enterprise Zone Grant Program if creating jobs within defined geographical areas. Definitions Green Jobs Defined as jobs in the manufacturing and operation of renewable or alternative energy products and technologies used to generate electricity and energy. Alternative Energy Sources Eligible alternative energy sources are defined as "hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems."