What information is needed on the application for containers?
For containers, only complete Terminal, Container #, Bill of Lading or Booking #, and Import or Export.
What information is needed on the application for non-containerized freight?
For non-containerized freight, only complete Terminal, Vessel Code, Weight, Bill of Lading or Booking #, and Import or Export.
What information is needed on the application for roll-on/roll-off cargo?
For roll-on/roll-off cargo, only complete Terminal, Bill of Lading or Booking #, Piece Count, and Commodity Description.
What if an acknowledgement letter from the Port of Virginia is not received by April 5?
Call 855.771.3990 toll-free.
Are additional attachments needed for Form PVI?
A base cargo verification summary sheet must be attached to the Form PVI application if a Port of Virginia terminal was used.
Where are applications for the tax credit to be sent?
Submit Form PVI and attachments to:
Virginia Port Authority
ATTN: Port Volume Increase Tax Credit
600 World Trade Center
Norfolk, VA 23510
Or fax to 757.683.8211.
How is the credit amount determined?
The Port Volume Increase Tax Credit is generally equal to $50 for each TEU above the base-year port cargo volume, or $50 for each TEU transported through a port facility during a major facility’s first calendar year. For shipments of 40-foot or 45-foot containers, one loaded container is equivalent to two TEUs. For purposes of calculating the amount of Port Volume Increase Tax Credits for taxpayers that ship non-containerized cargo, one TEU is equivalent to 16 net tons of non-containerized cargo. One net ton is equivalent to one short ton, or 2,200 pounds.
Can partial container loads be counted for the credit?
For purposes of determining port cargo volume, only a full container load qualifies as a TEU. A full container load (FCL) is a standard 20-foot, 40-foot, or 45-foot container that is loaded and discharged under the account of one shipper, and is intended for one consignee. A less than container load (LCL) is cargo insufficient in either weight or volume to qualify for the freight rates that apply to a standard shipping container and is therefore combined with cargo owned by other shippers or with cargo intended for at least one other consignee. An LCL does not qualify as a TEU or as non-containerized cargo for purposes of this tax credit.
What is the maximum amount that could be received from this tax credit?
The maximum amount of Port Volume Increase Tax Credits for all qualifying taxpayers is limited to $3.2 million for each calendar year. Generally, a qualifying taxpayer may not receive more than $250,000 worth of Port Volume Increase Tax Credits for each calendar year. However, if on March 15 of each year, the $3.2 million amount of tax credits has not been fully allocated among all qualifying taxpayers, then those taxpayers who have been allocated tax credits for the prior year shall be allowed a pro rata share of the remaining allocated tax credits, up to $3.2 million total. In this case, a qualifying taxpayer may receive an amount of tax credits that is greater than $250,000.