Income tax, state; recycled building rehabilitation tax credit. (HB2003)

Introduced By

Del. Luke Torian (D-Woodbridge) with support from 7 copatrons, whose average partisan position is:

Those copatrons are Del. David Bulova (D-Fairfax), Del. Eileen Filler-Corn (D-Fairfax Station), Del. Charniele Herring (D-Alexandria), Del. Matthew James (D-Portsmouth), Del. Onzlee Ware (D-Roanoke), Sen. Lynwood Lewis (D-Accomac), Sen. Lionell Spruill (D-Chesapeake)

Progress

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

Description

Income tax; industrial building rehabilitation tax credit. Creates a tax credit beginning in 2013 for new businesses that move into a locality and rehabilitate or retrofit a commercial or industrial building that is at least 25 years old and that has been vacant, in the case of a commercial building, for at least three years, and for an industrial building, for at least five years. The credit would equal the cost of the rehabilitation or retrofitting, not to exceed $100,000. The bill provides that any unused tax credit could be carried forward for up to five taxable years. The tax credit would expire on January 1, 2018. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2013Committee
01/09/2013Prefiled and ordered printed; offered 01/09/13 13103055D
01/09/2013Referred to Committee on Finance
01/14/2013Impact statement from TAX (HB2003)
01/14/2013Assigned Finance sub: #3
01/25/2013Subcommittee recommends laying on the table (5-Y 0-N)
02/05/2013Left in Finance