Income tax, state; tax credit for completion of public school renovation. (HB896)
Introduced By
Del. Chris Stolle (R-Virginia Beach)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; public school renovation tax credit. Provides an income tax credit to persons that complete the renovation or retrofitting of a public school during the taxable year, in accordance with the provisions of the Public-Private Education Facilities and Infrastructure Act. The credit would be available beginning with the 2014 taxable year and thereafter. The amount of the credit would be 25 percent of the person's eligible renovation expenses, regardless of the year incurred, not to exceed $1 million for the renovation or retrofitting. Also, there is a cap of $100 million on the aggregate amount of credits that may be issued in any fiscal year. Credits would not be issued for any taxable year for which federal law allows a federal income tax credit for the renovation or retrofitting of a public school. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/08/2014 | Committee |
01/08/2014 | Prefiled and ordered printed; offered 01/08/14 14102527D |
01/08/2014 | Referred to Committee on Finance |
01/22/2014 | Assigned Finance sub: Subcommittee #3 |
01/23/2014 | Impact statement from TAX (HB896) |
01/24/2014 | Subcommittee recommends continuing to 2015 |
01/27/2014 | Continued to 2015 in Finance |