Recyclable materials; changes tax credit by extending expiration date to January 1, 2020. (SB1205)
Introduced By
Sen. Frank Wagner (R-Virginia Beach)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Recyclable materials tax credit. Changes the recyclable materials tax credit by (i) extending the expiration date of the credit by five years to January 1, 2020, (ii) increasing the credit allowed from 10 to 20 percent of the purchase price of qualifying machinery and equipment, (iii) prohibiting denial of the credit based solely on another person's use of goods produced by the credit applicant from recyclable materials, (iv) clarifying that no credit will be allowed for machinery and equipment that does not manufacture, process, compound, or produce items of tangible personal property from recyclable materials, and (v) establishing an annual cap of $3 million in recyclable materials tax credits that may be issued by the Department of Environmental Quality. The provisions of the bill are effective for taxable years beginning on or after January 1, 2015. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/13/2015 | Prefiled and ordered printed; offered 01/14/15 15101974D |
01/13/2015 | Referred to Committee on Finance |
01/25/2015 | Impact statement from TAX (SB1205) |
01/28/2015 | Reported from Finance with substitute (14-Y 0-N) (see vote tally) |
01/28/2015 | Committee substitute printed 15104123D-S1 |
01/29/2015 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
01/30/2015 | Engrossed by Senate - committee substitute SB1205S11 |
01/30/2015 | Read second time |
01/30/2015 | Reading of substitute waived |
01/30/2015 | Committee substitute agreed to 15104123D-S1 |
01/30/2015 | Engrossed by Senate - committee substitute SB1205S1 |
02/02/2015 | Read third time and passed Senate (37-Y 0-N) (see vote tally) |
02/02/2015 | Reconsideration of passage agreed to by Senate (37-Y 0-N) (see vote tally) |
02/02/2015 | Passed Senate (38-Y 0-N) (see vote tally) |
02/06/2015 | Placed on Calendar |
02/06/2015 | Read first time |
02/06/2015 | Referred to Committee on Finance |
02/10/2015 | Impact statement from TAX (SB1205S1) |
02/11/2015 | Reported from Finance (20-Y 1-N) (see vote tally) |
02/12/2015 | Read second time |
02/13/2015 | Read third time |
02/13/2015 | Passed House (94-Y 2-N) |
02/13/2015 | VOTE: PASSAGE (94-Y 2-N) (see vote tally) |
02/17/2015 | Enrolled |
02/17/2015 | Bill text as passed Senate and House (SB1205ER) |
02/17/2015 | Signed by Speaker |
02/20/2015 | Signed by President |
02/23/2015 | G Governor's Action Deadline Midnight, Monday, March 30, 2015 |
02/23/2015 | Enrolled Bill Communicated to Governor on 2/23/15 |
02/23/2015 | G Governor's Action Deadline Midnight, Sunday, March 29, 2015 |
03/02/2015 | Impact statement from TAX (SB1205ER) |
03/10/2015 | G Approved by Governor-Chapter 94 (effective 1/1/15) |
03/10/2015 | G Acts of Assembly Chapter text (CHAP0094) |