ITF: Application for International Trade Facility Tax Credit (2025)

Virginia · Virginia Tax · Used for tax years 2025

Virginia Form ITF is the International Trade Facility Tax Credit Recapture Form. It reports qualifying full-time employee totals to determine whether part or all of a previously earned Port Job Tax Credit must be recaptured. No new International Trade Facility Tax Credits are all

Who files this form

Businesses that earned a prior-year Port Job Tax Credit must submit an updated Form ITF each year for the five years after the credit originated. This covers reporting years 2 through 6 and determines whether part or all of the credit must be recaptured.

The supplied 2025 form is a recapture form, not an application for a new credit. The International Trade Facility Tax Credit expired for taxable years beginning on or after January 1, 2025. No new credits are allowed, but carryover and recapture provisions still apply.

When it's due

The 2025 Form ITF lists these annual deadlines for credits earned in earlier tax years:

  • April 1: Submit an updated Form ITF for each of the five years following the year the credit originated.
  • May 1: The Department will contact you by this date if it needs additional information.
  • May 15: Respond by this date if the Department requests additional information.
  • May 31: If you have not received acknowledgement of your filed Form ITF by this date, call (804) 786-2992.

These are recurring dates in the text, not a separately stated calendar-year deadline for a tax year 2025 filing. If an application has no postmark, the Department uses the date it receives the application to determine whether it was timely.

What you'll need

Prepare the following:

  • Form ITF: Include the business name, FEIN or SSN, address, contact information, tax year of the original credit, and reporting-year selection.
  • Employee totals: You need the number of qualified full-time employees reported in Year 1 and the current year's average number.
  • Schedule A: Required for reporting years 2 through 6. Enter the qualifying full-time employee totals for each month.
  • Employee list: Use the sample format and include each qualifying employee's name, Social Security number, number of full months employed during the credit year, and brief position description and position number. Also include your name as shown on Form ITF, FEIN or SSN, and facility location.
  • Affiliated-company schedule, if applicable: Mark affiliated-company employees beside their names in Column A and attach a separate schedule identifying the corresponding company.

The form also requires an authorized signature, printed name, title, and date. Email addresses are optional.

How to file

  1. Check the box for reporting employee totals for a prior-year Port Job Tax Credit. Enter the original credit year and select the filing sequence, from the 2nd through the 6th year.
  2. Complete Lines 1 through 3 and Schedule A. If Line 2 is at least Line 1, the form says no action is needed on the recapture calculation. If Line 1 is greater, subtract Line 2 from Line 1 as directed.
  3. Sign the declaration and include the required employee list and any additional schedules.
  4. Mail Form ITF and enclosures to:

Virginia Department of Taxation

ATTN: Tax Credit Unit

P.O. Box 715

Richmond, VA 23218-0715

Or fax them to (804) 774-3902.

The Department will notify you of any adjusted carryforward and whether a bill will follow. After receiving an adjustment notice, update your records for current and future filings.

Common mistakes

  • Leaving out Schedule A or the employee list. Reporting years 2 through 6 require Schedule A, and the form directs you to enclose the employee list in the sample format.
  • Overlooking the rule for missing postmarks. Without a postmark, the Department uses the date it receives the application to determine timeliness.
  • Providing an email address when you do not want emailed communications. Entering an email address gives consent for Department emails related to this credit. Leave the email fields blank if you do not want them.
  • Failing to update your records after an adjustment. The text directs taxpayers to update records for current and future filings when notified of adjusted credit amounts.

Questions people ask

Can I claim a new International Trade Facility Tax Credit for 2025?

No new credits are allowed for taxable years beginning on or after January 1, 2025. Carryover and recapture provisions still apply.

Can I still use an unused credit?

The text provides a 10-year carryforward for unused credits. Unused credits may be claimed, and carryforward balances maintained, on Schedules CR and 500CR.

What happens if my qualifying employee count drops?

Part or all of the Port Job Tax Credit may be recaptured if the qualifying employee count decreases during any of the five years after the credit year. If the average falls below the level employed before any credits were claimed, all credits earned for the facility are recaptured. Recapture first reduces credits earned but not yet allowed and credits carried forward before increasing tax liability.

Where can I get help?

Call (804) 786-2992 or write to the Virginia Department of Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715.

Official sources

All versions of ITF