Sunday, September 7, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB270: Income tax, state; provides tax credit for electronic toll payment.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-339.11 as follows:
§ 58.1-339.11. Toll payment tax credit.
For taxable years beginning on and after January 1, 2007, any taxpayer who makes electronic toll collection payments, as defined herein, for the use of any highway in the Commonwealth shall be allowed a credit against the tax imposed by Articles 2 (§ 58.1-320 et seq.) of this chapter equal to 10% of the amount paid as evidenced by receipts for such use. "Electronic toll collection payments" means amounts properly deducted from a taxpayer's account through a toll payment system that automatically deducts the amount of the toll from an account each time the taxpayer's vehicle passes through the toll collection facility, by means of a transponder or other electronic vehicle identification system. If the amount of the credit exceeds the taxpayer's liability for such taxable year, the excess may be carried over for credit against income taxes in the next five taxable years.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.