Renewable energy property; tax credits for placing into service. (HB910)

Introduced By

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 $3 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, and 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 $100 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 Failed

History

DateAction
01/08/2014Prefiled and ordered printed; offered 01/08/14 14103453D
01/08/2014Referred to Committee on Finance
01/27/2014Impact statement from TAX (HB910)
01/28/2014Assigned Finance sub: Subcommittee #3
01/31/2014Subcommittee recommends laying on the table
02/05/2014Continued to 2015 in Finance
12/04/2014Left in Finance