Income tax, state & corporate; tax credit for using livestock waste nutrient to produce electricity. (SB1101)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

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

Description

Income tax credits; electric energy facility producing electricity primarily from agricultural livestock waste nutrients.  Establishes individual and corporate income tax credits for energy property under 48(a) of the U.S. Internal Revenue Code of 1986, as amended, that is (i) placed in service in the Commonwealth on or after January 1, 2011, and (ii) part of an electric energy facility producing electricity primarily from agricultural livestock waste nutrients.

The amount of the credit would be equal to the amount of the energy credit allowed for the taxable year under 48 of the U.S. Internal Revenue Code of 1986, as amended, for placing the energy property in service. Amends § 58.1-439.12:06, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2011Prefiled and ordered printed; offered 01/12/11 11102734D
01/11/2011Referred to Committee on Finance
01/24/2011Impact statement from TAX (SB1101)
02/08/2011Left in Finance