Energy storage system; establishes tax credit. (HB1018)

Introduced By

Del. David Toscano (D-Charlottesville)

Progress

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

Description

Energy storage system tax credit. Establishes for taxable years 2018 through 2022 an income tax credit for a taxpayer's expenditures on an energy storage system. The bill defines energy storage system and provides that the credit shall not exceed the lesser of (i) $5,000 for a system on residential property or $75,000 for a system on commercial property, (ii) 30 percent of the system's total installed cost, or (iii) the taxpayer's tax liability. The bill directs the Department of Mines, Minerals, and Energy (the Department) to establish a process whereby taxpayers apply for certification that their expenditures are eligible for the credit. The bill limits the Department to issuing no more than $750,000 of tax credits, in aggregate, during a taxable year and directs the Department to approve credits in the order received. The bill prohibits taxpayers from carrying forward unused credit to later taxable years. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2018Committee
01/09/2018Prefiled and ordered printed; offered 01/10/18 18102227D
01/09/2018Referred to Committee on Finance
01/23/2018Impact statement from TAX (HB1018)
01/25/2018Assigned Finance sub: Subcommittee #3
02/02/2018Subcommittee recommends reporting with amendment (7-Y 1-N)
02/07/2018Reported from Finance with amendment (21-Y 1-N)
02/07/2018Reported from Finance with amendments (21-Y 1-N) (see vote tally)
02/07/2018Referred to Committee on Appropriations
02/13/2018Left in Appropriations