Coal; tax credits. (SB365)

Introduced By

Sen. William Wampler (R-Bristol)

Progress

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

Description

Coal tax credits. Provides that the $3-per-ton coal employment and production incentive tax credit may be allocated among coal producers and electricity generators. The allocation would be pursuant to a contract between such parties. Any amount allocated to a coal producer could be used as credit against the corporate income tax or any other tax imposed by the Commonwealth. Credits earned on or after January 1, 2006, and prior to January 1, 2011, that exceed the taxpayer's tax liability could be redeemed by the Tax Commissioner. Finally, the carryover period is extended from 5 to 10 years. This bill is identical to HB 1043. Read the Bill »

Status

04/06/2006: signed by governor

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 069168836
01/11/2006Referred to Committee on Finance
02/06/2006Fiscal impact statement from TAX (SB365)
02/09/2006Reported from Finance with substitute (10-Y 4-N)
02/10/2006Committee substitute printed 069216836-S1
02/13/2006Constitutional reading dispensed (40-Y 0-N)
02/13/2006VOTE: (40-Y 0-N)
02/14/2006Read second time
02/14/2006Reading of substitute waived
02/14/2006Committee substitute agreed to 069216836-S1
02/14/2006Engrossed by Senate - committee substitute SB365S1
02/14/2006Constitutional reading dispensed (40-Y 0-N)
02/14/2006VOTE: (40-Y 0-N)
02/14/2006Passed Senate (39-Y 0-N)
02/14/2006VOTE: (39-Y 0-N)
02/14/2006Communicated to House
02/15/2006Placed on Calendar
02/15/2006Read first time
02/15/2006Referred to Committee on Finance
02/16/2006Fiscal impact statement from TAX (SB365S1)
02/20/2006Reported from Finance (22-Y 0-N)
02/21/2006Read second time
02/22/2006Read third time
02/22/2006Passed House (97-Y 0-N)
02/22/2006VOTE: PASSAGE (97-Y 0-N)
02/28/2006Enrolled
03/01/2006Bill text as passed Senate and House (SB365ER)
03/01/2006Signed by Speaker
03/02/2006Signed by President
03/06/2006Fiscal impact statement from TAX (SB365ER)
04/06/2006G Approved by Governor-Chapter 803 (effective 7/1/06)
04/17/2006G Acts of Assembly Chapter text (CHAP0803)