Income tax, state and corporate; tax credits for food crop donations to nonprofit food bank. (SB580)

Introduced By

Sen. Creigh Deeds (D-Bath) with support from co-patron Sen. Jennifer Wexton (D-Leesburg)

Progress

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

Description

Income tax credit; food crop donations to a food bank. Establishes an individual and corporate income tax credit beginning in 2016 for food crops that are grown by a person engaged in the business of farming and donated by such person to a nonprofit food bank. The credit would equal 30 percent of the fair market value of the food crops donated by the person during the taxable year, not to exceed an aggregate of $5,000 for any taxable year. The bill defines food crops as grains, fruits, nuts, or vegetables. The Department of Taxation will administer the tax credit and may issue up to $250,000 in tax credits each fiscal year. The bill provides for any unused credit to be carried forward for five years. The credit would sunset on January 1, 2021. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2016Prefiled and ordered printed; offered 01/13/16 16103014D
01/13/2016Referred to Committee on Finance
01/19/2016Impact statement from TAX (SB580)
02/09/2016Reported from Finance with amendment (15-Y 0-N) (see vote tally)
02/10/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/11/2016Read second time
02/11/2016Reading of amendment waived
02/11/2016Committee amendment agreed to
02/11/2016Engrossed by Senate as amended SB580E
02/11/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/11/2016Passed Senate (40-Y 0-N) (see vote tally)
02/11/2016Printed as engrossed 16103014D-E
02/15/2016Placed on Calendar
02/15/2016Read first time
02/15/2016Referred to Committee on Finance
02/16/2016Assigned Finance sub: Subcommittee #1
02/16/2016Impact statement from TAX (SB580E)
02/17/2016Subcommittee recommends reporting (9-Y 0-N)
02/22/2016Reported from Finance (21-Y 1-N) (see vote tally)
02/23/2016Read second time
02/24/2016Read third time
02/24/2016Passed House (97-Y 2-N 1-A)
02/24/2016VOTE: PASSAGE (97-Y 2-N 1-A) (see vote tally)
02/25/2016Enrolled
02/25/2016Bill text as passed Senate and House (SB580ER)
02/25/2016Impact statement from TAX (SB580ER)
02/25/2016Signed by Speaker
02/26/2016Signed by President
02/29/2016Enrolled Bill Communicated to Governor on 2/29/16
02/29/2016G Governor's Action Deadline Midnight, March 7, 2016
03/07/2016G Approved by Governor-Chapter 304 (effective 7/1/16)

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 40 seconds.