New tax break for Virginia farm wineries
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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Posted by William M. Dowd at 11:25 AM