Coal; tax credits for production and use. (HB1043)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Coal tax credits. Provides that the $3-per-ton coal employment and production incentive tax credit may be allocated amongst coal producers and electricity generators. The allocation would be pursuant to a contract between such parties. Any amount allocated to a coal producer could be used as credit against the corporate income tax or any other tax imposed by the Commonwealth. Credits on or after January 1, 2006, and prior to July 1, 2011, that exceed the taxpayer's tax liability could be redeemed by the Tax Commissioner. Finally, the carryover period is extended from five to 10 years. This bill is identical to SB 365. Read the Bill »

Status

04/06/2006: signed by governor

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 069172372
01/11/2006Referred to Committee on Finance
01/18/2006Assigned to Finance sub-committee: #3 (Ware, R.L.)
01/24/2006Fiscal impact statement from TAX (HB1043)
01/30/2006Reported from Finance with amendments (20-Y 0-N)
01/31/2006Read first time
02/01/2006Read second time
02/01/2006Committee amendments agreed to
02/01/2006Engrossed by House as amended HB1043E
02/01/2006Printed as engrossed 069172372-E
02/02/2006Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/02/2006VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/02/2006Communicated to Senate
02/03/2006Constitutional reading dispensed
02/03/2006Referred to Committee on Finance
02/17/2006Fiscal impact statement from TAX (HB1043E)
02/22/2006Reported from Finance with substitute (14-Y 1-N)
02/22/2006Committee substitute printed 064007712-S1
02/23/2006Constitutional reading dispensed (40-Y 0-N)
02/23/2006VOTE: (40-Y 0-N)
02/24/2006Read third time
02/24/2006Reading of substitute waived
02/24/2006Committee substitute agreed to 06400712-S1
02/24/2006Engrossed by Senate - committee substitute HB1043S1
02/24/2006Passed Senate with substitute (39-Y 0-N)
02/24/2006VOTE: (39-Y 0-N)
02/27/2006Placed on Calendar
02/28/2006Senate substitute agreed to by House (95-Y 2-N)
02/28/2006VOTE: ADOPTION (95-Y 2-N)
03/07/2006Bill text as passed House and Senate (HB1043ER)
03/07/2006Enrolled
03/07/2006Signed by Speaker
03/08/2006Signed by President
03/13/2006Fiscal impact statement from TAX (HB1043ER)
04/06/2006G Approved by Governor-Chapter 788 (effective 7/1/06)
04/17/2006G Acts of Assembly Chapter text (CHAP0788)