Virginia Senate Bill 1162 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on February 4 2021 - 50% progression, died in chamber
Action: 2021-02-08 - Continued to Special Session 1 in Finance by voice vote
Text: Latest bill text (Comm Sub) [HTML]

Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024. Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024.

Tax credit; agricultural best management practices.

Sen. Emmett Hanger [R]

Sen. Lynwood Lewis [D]

Sen. Monty Mason [D]

2021-02-04 - Senate - Senate: Passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-04 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 1) [PASS]
2021-02-03 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-03 - Senate - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2021-02-08	House	Continued to Special Session 1 in Finance by voice vote
2021-02-07	House	Referred to Committee on Finance
2021-02-07	House	Read first time
2021-02-07	House	Placed on Calendar
2021-02-04	Senate	Passed Senate (39-Y 0-N)
2021-02-04	Senate	Constitutional reading dispensed (38-Y 0-N)
2021-02-04	Senate	Engrossed by Senate - committee substitute SB1162S1
2021-02-04	Senate	Committee substitute agreed to 21104366D-S1
2021-02-04	Senate	Reading of substitute waived
2021-02-04	Senate	Read second time
2021-02-03	Senate	Constitutional reading dispensed (39-Y 0-N)
2021-02-03	Senate	Committee substitute printed 21104366D-S1
2021-02-03	Senate	Reported from Finance and Appropriations with substitute (16-Y 0-N)
2021-01-08	Senate	Referred to Committee on Finance and Appropriations
2021-01-08	Senate	Prefiled and ordered printed; offered 01/13/21 21100999D

SB1162 (Carry Over) 2021-02-08 - Continued to Special Session 1 in Finance by voice vote

Chapter	Article	Section	Citation Type	Statute Text
58	1	339.3	(n/a)	See Bill Text
58	1	439.5	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?211+sum+SB1162
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+SB1162+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+SB1162S1+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+SB1162F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+S05V0154+SB1162
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+SV0293SB1162+SB1162
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+SV0304SB1162+SB1162
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+SV0305SB1162+SB1162