VA SB1163 | 2021 | Regular Session
Note: Carry Foward to future SB1163
Status
Spectrum: Partisan Bill (Republican 1-0)
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 (Engrossed) [HTML]
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 (Engrossed) [HTML]
Summary
Tax credits of agricultural equipment. Establishes for taxable years 2021 through 2024 a refundable individual and corporate income tax credit for 25 percent of expenditures, up to a maximum of $17,500, made for the purchase of conservation tillage and precision agriculture equipment certified by the Virginia Soil and Water Conservation Board as reducing soil compaction or improving precision of pesticide and fertilizer application or injection. The bill expires the existing individual and corporate income tax credits for conservation tillage equipment and purchase of advanced technology pesticide and fertilizer application equipment after taxable year 2020. Under current law, an individual or corporate taxpayer is allowed nonrefundable credits of up to $4,000 for conservation tillage equipment purchases and up to $3,750 for advanced technology pesticide and fertilizer application equipment purchases, which credits may be carried over for five years. Tax credits of agricultural equipment. Establishes for taxable years 2021 through 2024 a refundable individual and corporate income tax credit for 25 percent of expenditures, up to a maximum of $17,500, made for the purchase of conservation tillage and precision agriculture equipment certified by the Virginia Soil and Water Conservation Board as reducing soil compaction or improving precision of pesticide and fertilizer application or injection. The bill expires the existing individual and corporate income tax credits for conservation tillage equipment and purchase of advanced technology pesticide and fertilizer application equipment after taxable year 2020. Under current law, an individual or corporate taxpayer is allowed nonrefundable credits of up to $4,000 for conservation tillage equipment purchases and up to $3,750 for advanced technology pesticide and fertilizer application equipment purchases, which credits may be carried over for five years.
Title
Agricultural equipment; establishes a refundable individual and corporate income tax credit.
Sponsors
Roll Calls
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 amendments (16-Y 0-N) (Y: 16 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 amendments (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
History
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 | Printed as engrossed 21102051D-E |
2021-02-04 | Senate | Engrossed by Senate as amended SB1163E |
2021-02-04 | Senate | Committee amendments agreed to |
2021-02-04 | Senate | Reading of amendments waived |
2021-02-04 | Senate | Read second time |
2021-02-03 | Senate | Constitutional reading dispensed (39-Y 0-N) |
2021-02-03 | Senate | Reported from Finance and Appropriations with amendments (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 21102051D |
Same As/Similar To
SB1163 (Carry Over) 2021-02-08 - Continued to Special Session 1 in Finance by voice vote
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
58 | 1 | 334 | (n/a) | See Bill Text |
58 | 1 | 337 | (n/a) | See Bill Text |
58 | 1 | 432 | (n/a) | See Bill Text |
58 | 1 | 436 | (n/a) | See Bill Text |