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. Amends § 58.1-439.7, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2015Prefiled and ordered printed; offered 01/14/15 15101974D
01/13/2015Referred to Committee on Finance
01/25/2015Impact statement from TAX (SB1205)
01/28/2015Reported from Finance with substitute (14-Y 0-N) (see vote tally)
01/28/2015Committee substitute printed 15104123D-S1
01/29/2015Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/30/2015Engrossed by Senate - committee substitute SB1205S11
01/30/2015Read second time
01/30/2015Reading of substitute waived
01/30/2015Committee substitute agreed to 15104123D-S1
01/30/2015Engrossed by Senate - committee substitute SB1205S1
02/02/2015Read third time and passed Senate (37-Y 0-N) (see vote tally)
02/02/2015Reconsideration of passage agreed to by Senate (37-Y 0-N) (see vote tally)
02/02/2015Passed Senate (38-Y 0-N) (see vote tally)
02/06/2015Placed on Calendar
02/06/2015Read first time
02/06/2015Referred to Committee on Finance
02/10/2015Impact statement from TAX (SB1205S1)
02/11/2015Reported from Finance (20-Y 1-N) (see vote tally)
02/12/2015Read second time
02/13/2015Read third time
02/13/2015Passed House (94-Y 2-N)
02/13/2015VOTE: PASSAGE (94-Y 2-N) (see vote tally)
02/17/2015Enrolled
02/17/2015Bill text as passed Senate and House (SB1205ER)
02/17/2015Signed by Speaker
02/20/2015Signed by President
02/23/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/23/2015Enrolled Bill Communicated to Governor on 2/23/15
02/23/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/02/2015Impact statement from TAX (SB1205ER)
03/10/2015G Approved by Governor-Chapter 94 (effective 1/1/15)
03/10/2015G Acts of Assembly Chapter text (CHAP0094)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 50 seconds.