VA dealers impacted by Dulles Corridor work are eligible for telework credit

VA dealers impacted by Dulles Corridor work are eligible for telework credit

There isnt much time left to take advantage, but businesses in Virginia can take a tax credit of up to $1,200 per employee and up to $50,000 per organization, for eligible telework expenses incurred during taxable years 2012 and 2013, provided they apply by October 31, 2011.

Governor Bob McDonnell and the Virginia General Assembly approved the tax credit legislation in 2011, with the aim of encouraging private sector telework.

Businesses directly impacted by construction of the Dulles Corridor Metrorail Project or the

I-495 HOT/HOV Lanes are also eligible to receive $50,000 to start or expand a telework program. This incentive is part of a Transportation Management Plan to reduce congestion during Megaproject construction. Please note that businesses eligible for this incentive must choose between the incentive and the tax credit. More information on this incentive can be found at www.vamegaprojects.com

To apply for the credit, businesses must download a Telework Expenses Tax Credit Reservation Application and submit it to the Virginia Department of Taxation at Tax.Virginia.gov. The form is available here.

Expenses incurred during the taxable year that allow an employee to begin teleworking are eligible for the tax credit, as is the expense of conducting a telework assessment. A full list of eligible expenses can be found here.