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