Virginia House Bill 1295 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 8 2020 - 25% progression, died in committee
Action: 2020-02-11 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Tax on fossil fuel investments by electric utilities. Imposes a tax on investor-owned electric utilities and electric cooperatives based on the amount that the utility invests in a year on fossil fuel infrastructure. The rate of the tax starts at 2.5 percent of the amount of a utility's fossil fuel investments in 2021 and increases in annual increments thereafter until reaching 100 percent in 2040 and thereafter. The measure directs that the revenue collected from the tax shall be deposited into the Clean Energy Development Fund and used to pay administrative costs of the Department of Mines, Minerals and Energy; reduce the electric utility bills of customers that opt to purchase electricity from renewable energy sources; invest in renewable electric energy generation sources in low-income communities; establish and fund block grants to enable community solar facilities and energy storage installation; and enable attainment of renewable portfolio standards based on regulations adopted by the Department.

Fossil fuel investments; tax on electric utilities.

Del. Dan Helmer [D]

Date	Chamber	Action
2020-02-11	House	Left in Finance
2020-01-29	House	Assigned Finance sub: Subcommittee #1
2020-01-08	House	Referred to Committee on Finance
2020-01-08	House	Prefiled and ordered printed; offered 01/08/20 20105000D

Chapter	Article	Section	Citation Type	Statute Text
58	1	2666	(n/a)	See Bill Text
58	1	2669	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1295
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1295+hil