Virginia House Bill 910 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in committee
Action: 2014-02-05 - Continued to 2015 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Renewable energy property tax credits. Establishes beginning with taxable year 2014 tax credits for placing into service renewable energy property. The credit would equal 40 percent of the costs paid or incurred to place the renewable energy property into service, not to exceed $3 million for any individual piece of renewable energy property. The bill provides that credits in excess of $250,000 would be allowed in three equal taxable year installments. The amount of tax credits otherwise allowed would be proportionally reduced to reflect any public grants, bonds, or other public moneys used in funding the renewable energy property. The bill defines renewable energy as energy derived from sunlight, wind, falling water, biomass, waste, landfill gas, municipal solid waste, wave motion, tides, and geothermal power, but not including energy derived from coal, oil, natural gas, or nuclear power. The Department of Mines, Minerals and Energy would administer the tax credit program. The Department would be authorized to issue up to $100 million in renewable energy property tax credits each fiscal year. The bill would allow the tax credits to be carried forward for five taxable years or to be transferred or assigned to other persons for use.

Renewable energy property; tax credits for placing into service.

Del. Ron Villanueva [R]

Date	Chamber	Action
2014-02-05	House	Continued to 2015 in Finance by voice vote
2014-01-31	House	Subcommittee recommends laying on the table by voice vote
2014-01-28	House	Assigned Finance sub: Subcommittee #3
2014-01-08	House	Referred to Committee on Finance
2014-01-08	House	Prefiled and ordered printed; offered 01/08/14 14103453D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:11	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB910
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB910+hil