VA HB656 | 2022 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-02-15 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-02-15 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
Coal refuse energy and reclamation tax credit. Creates a nonrefundable individual and corporate income tax credit for taxable years 2023 through 2027 equal to $4 per ton of qualified coal refuse used to generate electricity at an eligible facility, defined in the bill, in the Commonwealth by an eligible taxpayer, defined in the bill, during the taxable year. The amount of credits that may be claimed for a single eligible facility shall not exceed $1,665,000 in taxable year 2023, $2,220,000 in taxable year 2024, and $4,440,000 in taxable years 2025, 2026, and 2027. The aggregate credits in each taxable year are capped at $7.5 million in taxable year 2023, $10 million in taxable year 2024, and $20 million in taxable years 2025, 2026, and 2027. The credit may be carried forward for five taxable years. The credit shall be administered by Department of Taxation, who shall compile and submit an annual report by November 1 of each taxable year with the number of eligible taxpayers applying for and utilizing the credit, the amount of credits approved, and data on the benefits to the Commonwealth of the use of qualified coal refuse to generate electricity at an eligible facility to the Chairmen of the House Committee on Finance, the House Committee on Appropriations, and the Senate Committee on Finance and Appropriations.
Title
Income tax, state and corporate; creates tax credit for coal refuge energy and reclamation, report.
Sponsors
Roll Calls
2022-02-09 - House - House: Subcommittee recommends laying on the table (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-02 - House - House: Reported from Finance with substitute (11-Y 10-N) (Y: 11 N: 10 NV: 0 Abs: 1) [PASS]
2022-02-02 - House - House: Reported from Finance with substitute (11-Y 10-N) (Y: 11 N: 10 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-02-15 | House | Left in Appropriations |
| 2022-02-09 | House | Subcommittee recommends laying on the table (8-Y 0-N) |
| 2022-02-03 | House | Assigned App. sub: Commerce Agriculture & Natural Resources |
| 2022-02-02 | House | Referred to Committee on Appropriations |
| 2022-02-02 | House | Reported from Finance with substitute (11-Y 10-N) |
| 2022-02-02 | House | Committee substitute printed 22105065D-H1 |
| 2022-01-27 | House | Assigned Finance sub: Subcommittee #3 |
| 2022-01-11 | House | Referred to Committee on Finance |
| 2022-01-11 | House | Prefiled and ordered printed; offered 01/12/22 22101160D |
