Income tax, state; tax credit for completion of public school renovation. (HB896)

Introduced By

Del. Chris Stolle (R-Virginia Beach)

Progress

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

Description

Income tax; public school renovation tax credit. Provides an income tax credit to persons that complete the renovation or retrofitting of a public school during the taxable year, in accordance with the provisions of the Public-Private Education Facilities and Infrastructure Act. The credit would be available beginning with the 2014 taxable year and thereafter. The amount of the credit would be 25 percent of the person's eligible renovation expenses, regardless of the year incurred, not to exceed $1 million for the renovation or retrofitting. Also, there is a cap of $100 million on the aggregate amount of credits that may be issued in any fiscal year. Credits would not be issued for any taxable year for which federal law allows a federal income tax credit for the renovation or retrofitting of a public school. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2014Prefiled and ordered printed; offered 01/08/14 14102527D
01/08/2014Referred to Committee on Finance
01/22/2014Assigned Finance sub: Subcommittee #3
01/23/2014Impact statement from TAX (HB896)
01/24/2014Subcommittee recommends continuing to 2015
01/27/2014Continued to 2015 in Finance
12/04/2014Left in Finance