Automatic sprinkler systems; tax credit for initial installation. (SB363)
Introduced By
Sen. John Watkins (R-Midlothian)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Installation of automatic sprinkler systems; tax credit for initial installation. Requires that all buildings that (i) are more than 75 feet high or more than six stories high, (ii) are being used to house individuals or to provide guest rooms for occupancy, and (iii) are not equipped with an automatic sprinkler system would be equipped with an automatic sprinkler system by December 31, 2017. The Board of Housing and Community Development would be required to promulgate regulations establishing standards for the automatic sprinkler system. The bill also would make available to the owners of such building an income tax credit equal to 45% of the total amount paid by the owner for the initial installation of the sprinkler system. The tax credit could be carried forward for 10 years. This is a recommendation of the Virginia Housing Commission. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/08/2008 | Prefiled and ordered printed; offered 01/09/08 082853744 |
01/08/2008 | Referred to Committee on General Laws and Technology |
01/15/2008 | Impact statement from TAX (SB363) |
01/23/2008 | Continued to 2009 in General Laws and Technology (15-Y 0-N) (see vote tally) |