New tax break for Virginia farm wineries

RICHMOND, VA -- The commonwealth's farm wineries now are eligible to get a tax credit for part of the cost of new or upgraded equipment.

The General Assembly approved a state corporate income tax credit available starting in the current tax year. It allows farm wineries and vineyards to get credit for up to 25% of the cost of certain equipment and materials -- from barrels to fertilizer, for example. The credit is capped at $250,000 a year.

Ann Heidig of Lake Anna Winery is president of the Virginia Wineries Association. She told the Fredericksburg Freelance-Star that even such a small tax change is helpful because it can cost up to $15,000 to put in just one new acre of vines and small business loans are difficult to obtain.

"Any help on the part of the government is really a value added to us and to the government," she said.

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