Saturday, November 22, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB3044: Income tax, corporate; extends sunset provision for machinery
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-439.7 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-439.7. Tax credit for purchase of machinery and equipment for processing recyclable materials.
A. For taxable years beginning on and after January 1, 1999,
but before January 1, 2007 2010, a corporation shall be allowed a credit against the tax
imposed pursuant to § 58.1-400 in an amount equal to 10 percent of the purchase
price paid during the taxable year for machinery and equipment used exclusively
in or on the premises of manufacturing facilities or plant units which
manufacture, process, compound, or produce items of tangible personal property
from recyclable materials, within the Commonwealth, for sale. For purposes of
determining "purchase price paid" under this section, the taxpayer
may use the original total capitalized cost of such machinery and equipment,
less capitalized interest. The Department of Environmental Quality shall
certify that such machinery and equipment are integral to the recycling process
before the corporation shall be entitled to the tax credit under this section.
The corporation shall also submit purchase receipts, invoices, and such other
documentation as may be necessary to confirm the taxpayer's statement of
purchase price paid, with the income tax return to verify the amount of
purchase price paid for the recycling machinery and equipment.
B. The total credit allowed under this section in any taxable year shall not exceed 40 percent of the Virginia income tax liability of such taxpayer.
C. Any tax credit not used for the taxable year in which the purchase price on recycling machinery and equipment was paid may be carried over for credit against the corporation's income taxes in the 10 succeeding taxable years until the total credit amount is used.
D. A taxpayer claiming the tax credit provided by § 58.1-439.8 shall not be eligible for the tax credit provided by this section.
2. That an emergency exists and this act is effective January 1, 2007.
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.