VA's ports-related tax credits; increases annual amount of international trade facility tax credits. (HB873)

Introduced By

Del. Chris Jones (R-Suffolk)

Progress

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

Description

Ports tax credits. Changes Virginia's ports-related tax credits by increasing the annual amount of international trade facility tax credits that may be issued from $250,000 to $1.25 million, decreasing the annual amount of barge and rail usage tax credits that may be issued from $1.5 million to $500,000, and allowing a taxpayer to be eligible for the port volume increase tax credit and the barge and rail usage tax credit if the taxpayer meets the criteria for both. The bill reduces from 10 percent to five percent the minimum annual increase in cargo transported through a maritime port that is a condition of eligibility for the international trade facility tax credit. The bill also makes roll-on/roll-off cargo eligible for the international trade facility, port volume increase, and barge and rail usage tax credits. The provisions of the bill would become effective for taxable years beginning on or after January 1, 2014. Amends § 58.1-439.12:06, § 58.1-439.12:09, § 58.1-439.12:10, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/08/2014Committee
01/08/2014Prefiled and ordered printed; offered 01/08/14 14102617D
01/08/2014Referred to Committee on Finance
01/27/2014Impact statement from TAX (HB873)
02/03/2014Reported from Finance (20-Y 0-N) (see vote tally)
02/04/2014Read first time
02/05/2014Passed by for the day
02/06/2014Read second time and engrossed
02/07/2014Read third time and passed House BLOCK VOTE (97-Y 0-N)
02/07/2014VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/10/2014Constitutional reading dispensed
02/10/2014Referred to Committee on Finance
02/14/2014Impact statement from TAX (HB873)
02/25/2014Reported from Finance (17-Y 0-N) (see vote tally)
02/26/2014Constitutional reading dispensed (38-Y 0-N)
02/27/2014Read third time
02/27/2014Passed Senate (40-Y 0-N)
03/04/2014Enrolled
03/04/2014Bill text as passed House and Senate (HB873ER)
03/04/2014Signed by Speaker
03/06/2014Impact statement from TAX (HB873ER)
03/07/2014Signed by President
03/31/2014G Approved by Governor-Chapter 423 (effective 1/1/14)
03/31/2014G Acts of Assembly Chapter text (CHAP0423)