Machinery & tools; tax exemption when used to create production components using recycled materials. (HB545)
Introduced By
Del. Danny Marshall (R-Danville)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Recycled materials to create tangible personal property; tax exemptions and incentives. Exempts from state taxation until July 1, 2020, production and industrial components used to create finished tangible personal products from recycled materials. The bill allows counties, cities and towns to classify those tools and machinery separately for taxation purposes. Machinery and equipment used to process the recycled material is to be certified as such by the Department of Environmental Quality. Qualified businesses may receive local incentives for converting recycled materials into tangible personal property for resale. This is a recommendation of the Virginia Housing Commission. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/12/2010 | Committee |
01/12/2010 | Prefiled and ordered printed; offered 01/13/10 10100873D |
01/12/2010 | Referred to Committee on Finance |
01/18/2010 | Assigned Finance sub: #1 |
02/02/2010 | Impact statement from TAX (HB545) |
02/03/2010 | Subcommittee recommends reporting with amendment(s) (8-Y 2-N) |
02/10/2010 | Committee substitute printed 10105096D-H1 |
02/10/2010 | Reported from Finance with substitute (21-Y 1-N) (see vote tally) |
02/10/2010 | Referred to Committee on Appropriations |
02/12/2010 | Impact statement from TAX (HB545H1) |
02/16/2010 | Left in Appropriations |