SB365: Coal; tax credits.

Chief Patron

William Wampler (R-40)
Suite 308 Bristol, VA
Served: 1988–

Progress

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

Status

04/06/2006: signed by governor

View Entire History

Summary

Coal tax credits. Provides that the $3-per-ton coal employment and production incentive tax credit may be allocated among 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 earned on or after January 1, 2006, and prior to January 1, 2011, that exceed the taxpayer's tax liability could be redeemed by the Tax Commissioner. Finally, the carryover period is extended from 5 to 10 years. This bill is identical to HB 1043. View Full Text »

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Bill Text

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