Agricultural best management practices tax credit; refundability for corporations. (HB1382)

Introduced By

Del. Kathy Byron (R-Lynchburg) with support from co-patron Del. Terry Austin (R-Buchanan)

Progress

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

Description

Agricultural best management practices tax credit; refundability for corporations. Allows taxpayers to apply for a refund of corporate income tax credits received for expenditures for agricultural best management practices. Under current law, corporate income tax credits that exceed the taxpayer's tax liability are not refundable but may be carried forward for up to five years. Furthermore, under current law, individual income tax credits for expenditures related to agricultural best management practices are refundable. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2018Committee
01/12/2018Presented and ordered printed 18104070D
01/12/2018Referred to Committee on Finance
01/29/2018Impact statement from TAX (HB1382)
01/30/2018Assigned Finance sub: Subcommittee #2
01/31/2018Subcommittee recommends reporting (7-Y 0-N)
02/07/2018Reported from Finance (21-Y 0-N) (see vote tally)
02/09/2018Read first time
02/12/2018Read second time and engrossed
02/13/2018Read third time and passed House (100-Y 0-N)
02/13/2018VOTE: PASSAGE (100-Y 0-N) (see vote tally)
02/14/2018Constitutional reading dispensed
02/14/2018Referred to Committee on Finance
02/20/2018Impact statement from TAX (HB1382)
02/27/2018Reported from Finance (16-Y 0-N) (see vote tally)
02/28/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/28/2018Read third time
02/28/2018Passed Senate (40-Y 0-N) (see vote tally)
03/01/2018Enrolled
03/01/2018Bill text as passed House and Senate (HB1382ER)
03/01/2018Signed by Speaker
03/02/2018Impact statement from TAX (HB1382ER)
03/03/2018Signed by President
03/07/2018Enrolled Bill communicated to Governor on March 7, 2018
03/07/2018G Governor's Action Deadline Midnight, April 9, 2018
03/30/2018G Approved by Governor-Chapter 556 (effective 7/1/18)
03/30/2018G Acts of Assembly Chapter text (CHAP0556)