58.1-439.17 - Grants in lieu of or in addition to tax credits. - Virginia Statutes

§ 58.1-439.17. Grants in lieu of or in addition to tax credits.

Notwithstanding any provision of this article, the Tobacco Indemnificationand Community Revitalization Commission may establish a grant program forpurposes of encouraging qualified investments and eligible research anddevelopment activities in tobacco-dependent localities. If the Commissionelects to establish such a program, the program may replace or may be inaddition to the tax credits established under this article. The criteria fortaxpayers to receive grants shall be the same as the criteria for taxpayersto be allowed tax credits under §§ 58.1-439.13 and 58.1-439.14. In any casewhere a grant is awarded to a taxpayer for any investment under § 58.1-439.13or for eligible research and development activity under § 58.1-439.14, suchtaxpayer may not use such investment or research and development activity asthe basis for claiming any credit provided under the Code of Virginia.

(2000, c. 1042.)