Virginia House Bill 849 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-02-15 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax; geothermal tax credit. Establishes an Income tax; geothermal tax credit. Establishes an individual income tax credit for taxable years 2023 through 2027 for qualified expenditures related to a geothermal system placed in service at a residence in a tobacco region locality. The bill provides that the geothermal tax credit amount is the lesser of $7,500 or 25 percent of qualified expenditures. The aggregate annual limit on such credits is $1 million. The bill directs the Department of Energy to evaluate whether a person's geothermal system complies with statutory and regulatory standards and to issue a certification for a compliant system to be attached to a person's income tax return in order to claim the geothermal tax credit. The bill reduces from 50 percent to 25 percent the portion of Master Settlement Agreement funds that accrue to the Tobacco Indemnification and Community Revitalization Fund and allocates 25 percent of such funds to cover the revenue loss attributable to the credit created by the bill. The bill has a delayed effective date of January 1, 2023.

Income tax, state; establishes geothermal tax credit.

Del. David Reid [D]

Del. Mark Keam [D]

2022-02-07 - House - House: Subcommittee failed to recommend reporting (3-Y 6-N) (Y: 3 N: 6 NV: 0 Abs: 0) [FAIL]
2022-02-07 - House - House: Subcommittee failed to recommend reporting (3-Y 5-N) (Y: 3 N: 5 NV: 0 Abs: 1) [FAIL]

Date	Chamber	Action
2022-02-15	House	Left in Finance
2022-02-07	House	Subcommittee failed to recommend reporting (3-Y 6-N)
2022-01-12	House	Referred to Committee on Finance
2022-01-12	House	Prefiled and ordered printed; offered 01/12/22 22100075D

Chapter	Article	Section	Citation Type	Statute Text
3	2	3100	(n/a)	See Bill Text
3	2	3106	(n/a)	See Bill Text
58	1	339.13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB849
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB849+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22106145A.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+HB849F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H1001V0024+HB0849
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H1001V0038+HB0849