Certified renewable energy manufacturing equipment, etc.; separate classification for property tax. (HB999)
Introduced By
Del. Dave Nutter (R-Christiansburg) with support from co-patrons Del. David Toscano (D-Charlottesville), and Sen. Jeff McWaters (R-Virginia Beach)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Economic development incentive rates. Requires certain incumbent electric utilities to offer electric service at an economic development incentive rate to certain nonresidential customers. To be eligible for an economic development incentive rate, a customer shall have a new load of at least 1,000 KW and either increase employment by at least 75 full-time equivalent employees per 1,000 KW of new load or make a capital investment of $400,000 per 1,000 KW of new load. An economic development incentive rate provides eligible customers the option of either (i) a monthly credit of $6 per KW for three years or (ii) a monthly credit of $6 per KW for the first year, reduced by $0.75 per KW in each of the following years of an eight-year term. View Full Text »
