New infrastructure; tax credit for certain investment. (HB870)

Introduced By

Del. David Yancey (R-Newport News)

Description

New infrastructure investment tax credit. Creates an income tax credit beginning in taxable year 2014 for any business that places into service new infrastructure for its own use. Infrastructure eligible for the credit would include broadband infrastructure, transmission lines, gas lines, private roadways, computerized ports, and water and sewer infrastructure. The amount of the credit would be 25 percent of the expenses incurred by the business in placing the new infrastructure into service. If, however, the new infrastructure is placed into service in conjunction with a public highway or road construction or improvement project, the credit would equal 35 percent of the infrastructure expenses incurred by the business. A business would be limited to $50,000 in tax credits for each taxable year. Also, there is a cap of $2.5 million on the aggregate amount of credits that may be issued in any fiscal year. Unused tax credits could be carried forward for five taxable years. Read the Bill »

Outcome

History