Renewable energy property; grants for placing into service, Renewable Energy Property Grant Fund. (SB653)

Introduced By

Sen. Tommy Norment (R-Williamsburg) with support from co-patron Del. Ron Villanueva (R-Virginia Beach)

Progress

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

Description

Renewable energy property tax credits. Establishes, beginning with taxable year 2014, tax credits for placing into service renewable energy property. The credit would equal 40 percent of the costs paid or incurred to place the renewable energy property into service, not to exceed $2.5 million for any individual piece of renewable energy property. The bill provides that credits in excess of $250,000 would be allowed in three equal taxable year installments. The amount of tax credits otherwise allowed would be proportionally reduced to reflect any public grants, bonds, or other public moneys used in funding the renewable energy property. The bill defines renewable energy as energy derived from sunlight, wind, falling water, biomass, waste, landfill gas, municipal solid waste, wave motion, tides, or geothermal power, but not including energy derived from coal, oil, natural gas, or nuclear power. The Department of Mines, Minerals and Energy would administer the tax credit program. The Department would be authorized to issue up to $10 million in renewable energy property tax credits each fiscal year. The bill would allow the tax credits to be carried forward for five taxable years or to be transferred or assigned to other persons for use. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/17/2014Presented and ordered printed 14103588D
01/17/2014Referred to Committee on Finance
01/27/2014Impact statement from TAX (SB653)
02/05/2014Reported from Finance with substitute (17-Y 0-N) (see vote tally)
02/05/2014Committee substitute printed 14104843D-S1
02/06/2014Constitutional reading dispensed (40-Y 0-N)
02/07/2014Read second time
02/07/2014Reading of substitute waived
02/07/2014Committee substitute agreed to 14104843D-S1
02/07/2014Engrossed by Senate - committee substitute SB653S1
02/10/2014Read third time and passed Senate (39-Y 1-N)
02/12/2014Placed on Calendar
02/12/2014Read first time
02/12/2014Referred to Committee on Commerce and Labor
02/18/2014Impact statement from DPB (SB653S1)
02/18/2014Referred from Commerce and Labor
02/18/2014Referred to Committee on Appropriations
02/25/2014Reported from Appropriations with amendment (20-Y 2-N) (see vote tally)
02/26/2014Constitutional readings dispensed (99-Y 0-N)
02/26/2014VOTE: AGREE TO (99-Y 0-N)
02/26/2014Committee amendment agreed to
02/26/2014Engrossed by House as amended
02/26/2014Passed House with amendment (90-Y 8-N)
02/26/2014VOTE: PASSAGE (90-Y 8-N) (see vote tally)
02/26/2014House amendment agreed to by Senate (38-Y 1-N)
02/28/2014Enrolled
02/28/2014Bill text as passed Senate and House (SB653ER)
02/28/2014Impact statement from DPB (SB653ER)
03/03/2014Signed by Speaker
03/03/2014Signed by President
04/06/2014G Approved by Governor-Chapter 725 (effective - see bill)
04/06/2014G Acts of Assembly Chapter text (CHAP0725)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.