Machinery & tools; tax exemption when used to create production components using recycled materials. (HB545)
Introduced By
Del. Danny Marshall (R-Danville)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Recycled materials to create tangible personal property; tax exemptions and incentives. Exempts from state taxation until July 1, 2020, production and industrial components used to create finished tangible personal products from recycled materials. The bill allows counties, cities and towns to classify those tools and machinery separately for taxation purposes. Machinery and equipment used to process the recycled material is to be certified as such by the Department of Environmental Quality. Qualified businesses may receive local incentives for converting recycled materials into tangible personal property for resale. This is a recommendation of the Virginia Housing Commission. Amends § 58.1-301 (“Conformity to Internal Revenue Code.”), § 58.1-3508.4 (“Separate classification of machinery and tools used in manufacturing or processing materials, components, or equipment for national defense.”), § 58.1-3661 (“Certified solar energy equipment, facilities or devices and certified recycling equipment, facilities or devices.”), § 58.1-609.3 (“Commercial and industrial exemptions.”), of the Code of Virginia. View Full Text »
