PVT: Notification of Transfer of Virginia Port Volume Increase Tax Credit (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form PVT is used to notify the Virginia Department of Taxation of a transfer of a Virginia Port Volume Increase Tax Credit to another taxpayer. It reports the credit earned, the amount transferred, credit certification details, and information about the transferor and ea
Who files this form
Use Form PVT to transfer a Virginia Port Volume Increase Tax Credit earned during the calendar year to another taxpayer for use on a Virginia income tax return.
Before transferring any credit, your credit application must be approved by the Virginia Port Authority, and you must receive an allocation of credits from that authority.
What you'll need
Have the following information ready:
- Your name as shown on Virginia Port Authority Form PVI, FEIN or SSN, trading name, address, and contact information.
- The total credit earned and the calendar year it was earned, the amount to transfer, the Virginia Port Authority credit certification number, and the original credit issue date.
- Each recipient's name, FEIN or SSN, address, phone number, email address, entity type, credit transfer amount, and transfer date.
- The signer's printed name, title, phone number, and email address.
If you are transferring credit to more than three taxpayers, submit additional pages.
How to file
- Complete Section I with the information for the taxpayer transferring the credit.
- Enter the credit details in Section II.
- List the taxpayers receiving the credit and their transfer details in Section III. The total transferred must equal Section II, Line B.
- Sign and date the declaration in Section IV.
Transfers must occur within one calendar year of the date the original credit earner received an allocation of credits.
Mail the form to:
Virginia Department of Taxation
Tax Credit Unit
P.O. Box 715
Richmond, VA 23218-0715
Or fax it to (804) 774-3902.
For assistance, call (804) 786-2992.
Common mistakes
- Transferring credit before the Virginia Port Authority has approved the credit application and allocated the credits.
- Transferring credit outside the one-calendar-year period after the original credit earner received the allocation.
- Entering a total in Section III that does not match Section II, Line B.
- Leaving out additional pages when transferring credit to more than three taxpayers.
Questions people ask
What is Form PVT used for?
It notifies Virginia of a transfer of a Virginia Port Volume Increase Tax Credit to another taxpayer for use on a Virginia income tax return.
Can I transfer credit to more than three taxpayers?
Yes. Submit additional pages if you are transferring credit to more than three taxpayers.
What must happen before I transfer the credit?
The Virginia Port Authority must approve your credit application, and you must receive an allocation of credits.
Can I fax the form instead of mailing it?
Yes. The form lists fax number (804) 774-3902 as an alternative to mailing.