VA SB142 | 2016 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 29 2015 - 25% progression, died in committee
Action: 2016-02-09 - Continued to 2017 in Finance (14-Y 1-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on December 29 2015 - 25% progression, died in committee
Action: 2016-02-09 - Continued to 2017 in Finance (14-Y 1-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Solar thermal system tax credit. Establishes beginning in 2016 an individual and corporate income tax credit for solar energy space heating, water heating, space cooling, and industrial or commercial process heating systems placed in service. The credit would equal 30 percent of the installed cost of the system and only the ultimate consumer or user of the system would be allowed to claim the credit. The credit would not exceed (i) $500,000 for solar energy systems placed in service for any purpose other than use for a single-family dwelling or placed in service and having in excess of 120 square feet of collector area or (ii) $2,500 for every other solar energy system placed in service. The credit for solar energy systems serving other than a single-family dwelling would be claimed in three equal annual installments. The credit would expire and no further credit could be claimed if the solar energy system is disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years. Under the bill, any unused credit could be carried forward for three taxable years. The credit program would sunset in 2021.
Title
Solar thermal system; tax credit.
Sponsors
Roll Calls
2016-02-09 - Senate - Senate: Continued to 2017 in Finance (14-Y 1-N) (Y: 14 N: 1 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-02-09 | Senate | Continued to 2017 in Finance (14-Y 1-N) |
| 2015-12-29 | Senate | Referred to Committee on Finance |
| 2015-12-29 | Senate | Prefiled and ordered printed; offered 01/13/16 16101921D |
