Geothermal heat pump property expenditure; establishes a tax credit for taxable years 2017-2021. (SB1392)
Introduced By
Sen. Frank Wagner (R-Virginia Beach) with support from co-patron Sen. Jeremy McPike (D-Dale City)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Geothermal heat pump property expenditure credit. Establishes a tax credit, for taxable years 2017 through 2021, for geothermal heat pump property expenditures at a residence in Virginia. The bill defines "geothermal heat pump property expenditure" as any expenditure for equipment that uses the ground or groundwater as a thermal energy source to heat a residence or as a thermal energy sink to cool a residence. The credit would equal 25 percent of purchase or installation expenditures. An eligible individual taxpayer could claim a maximum of 50 percent of his tax liability or $2,500, whichever is less, and carry over unused credit for up to 10 years. In addition, a taxpayer could claim only 25 percent of the total cost of geothermal heat pump property at a single residence, up to a maximum of $10,000. The bill authorizes the Department of Taxation to issue up to $10 million in credits each fiscal year. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/11/2017 | Prefiled and ordered printed; offered 01/11/17 17100733D |
01/11/2017 | Referred to Committee on Finance |
01/22/2017 | Impact statement from TAX (SB1392) |
01/31/2017 | Passed by indefinitely in Finance with letter (15-Y 1-N) (see vote tally) |
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 1 minute.
Transcript
This is a transcript of the video clips in which this bill is discussed.
SPEAKER. SHALL THE BILL PASS?Del. Bill Howell (R-Fredericksburg): THE CLERK WILL CLOSE THE ROLL.
[Unknown]: ICE89, NOS SEVEN. AYES 89, NOS SIX, THE BILL IS PASSED. TURNING TO PAGE 26, SENATE BILL 1548, A BILL TO AMEND AND REENACT A SECTION OF THE CODE OF VIRGINIA RELATING TO VIRGINIA PUBLIC PROCUREMENT ACT, COOPERATIVE PROCUREMENT, VIRGINIA SHERIFF'S ASSOCIATION. BILL WAS REPORTED FROM THE COMMITTEE ON GENERAL LAWS.
Del. Bill Howell (R-Fredericksburg): GENTLEMAN FROM FAIRFAX, MR. LEMUNYON.
Del. Jim LeMunyon (R-Oak Hill): THANK YOU MR. SPEAKER. THE QUESTION HAS COME UP ON THIS BILL RELATED TO A PARTICULAR ASPECT, SO I MOVE WE TAKE IT BY FOR THE DAY.
Del. Bill Howell (R-Fredericksburg): WITHOUT OBJECTION, SENATE BILL 1548, BY FOR THE DAY.
Del. Jim LeMunyon (R-Oak Hill): THANK YOU.
[Unknown]: SENATE BILL 1559, A BILL TO AMEND AND REENACT A SECTION OF THE CODE OF VIRGINIA RELATING TO BOARD OF ZONING APPEAL, BILL WAS REPORTED FROM THE COMMITTEE ON COUNTIES, CITIES AND TOWNS.
Del. Bill Howell (R-Fredericksburg): THE GENTLEMAN FROM VIRGINIA BEACH, MR. STOLLE.