Bill Text: VA HB387 | 2024 | Regular Session | Prefiled
Bill Title: Vehicle emissions testing equipment; tax credit for certain vehicles.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-02-13 - Left in Finance [HB387 Detail]
Download: Virginia-2024-HB387-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-438.1 of the Code of Virginia is amended and reenacted as follows:
§58.1-438.1. Tax credit for vehicle emissions testing equipment; certain vehicles and refueling property.
Any corporation, individual or public service corporation
shall be allowed a credit against the income or gross receipts taxes imposed by
Subtitle I (§58.1-100 et seq.) and Chapter 26 (§58.1-2600 et seq.) of Title
58.1 of (i) an amount equal to ten 10 percent of the deduction
allowed to such corporation, individual or public service corporation under
Section 179A of the Internal Revenue Code for purchases of clean-fuel vehicles
principally garaged in Virginia or certain refueling property placed in service
in Virginia or ten 10 percent of the costs used
to compute the credit under Section 30 of the Internal Revenue Code and,
(ii) an amount equal to 10
percent of the purchase price of a vehicle with an internal
combustion engine that is
principally garaged in Virginia, and (iii) an amount equal to twenty 20
percent of the purchase or lease price paid during the taxable year for
equipment certified by the Department of Environmental Quality for vehicle
emissions testing, located within, or within any county, city or town adjacent
to, any county, city or town wherein implementation of an enhanced vehicle
emissions inspection program, as defined in §46.2-1176, is required. Credits
granted to a partnership or S corporation shall be passed through to the
partners or shareholders, respectively. If the credit exceeds the tax liability
in a year, the credit may be carried forward up to five succeeding years.
