New infrastructure; tax credit for certain investment. (HB870)

Introduced By

Del. David Yancey (R-Newport News)

Progress

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

Description

New infrastructure investment tax credit. Creates an income tax credit beginning in taxable year 2014 for any business that places into service new infrastructure for its own use. Infrastructure eligible for the credit would include broadband infrastructure, transmission lines, gas lines, private roadways, computerized ports, and water and sewer infrastructure. The amount of the credit would be 25 percent of the expenses incurred by the business in placing the new infrastructure into service. If, however, the new infrastructure is placed into service in conjunction with a public highway or road construction or improvement project, the credit would equal 35 percent of the infrastructure expenses incurred by the business. A business would be limited to $50,000 in tax credits for each taxable year. Also, there is a cap of $2.5 million on the aggregate amount of credits that may be issued in any fiscal year. Unused tax credits could be carried forward for five taxable years. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2014Prefiled and ordered printed; offered 01/08/14 14102265D
01/08/2014Referred to Committee on Finance
01/19/2014Impact statement from TAX (HB870)
01/22/2014Assigned Finance sub: Subcommittee #3
01/24/2014Subcommittee recommends continuing to 2015
01/27/2014Continued to 2015 in Finance
12/04/2014Left in Finance