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

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10100873D
01/12/2010Referred to Committee on Finance
01/18/2010Assigned Finance sub: #1
02/02/2010Impact statement from TAX (HB545)
02/03/2010Subcommittee recommends reporting with amendment(s) (8-Y 2-N)
02/10/2010Committee substitute printed 10105096D-H1
02/10/2010Reported from Finance with substitute (21-Y 1-N) (see vote tally)
02/10/2010Referred to Committee on Appropriations
02/12/2010Impact statement from TAX (HB545H1)
02/16/2010Left in Appropriations