Milk production; creates an income tax credit. (HB2680)

Introduced By

Del. Tony Wilt (R-Harrisonburg) with support from co-patron Del. Steve Landes (R-Weyers Cave)

Progress

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

Description

Milk production tax credit. Creates an income tax credit beginning in taxable year 2019 for taxpayers who own a dairy farm that sells milk below the producer price that is determined by the State Milk Commission. The credit equals $1,000 per million pounds of milk sold below the producer price for the first seven million pounds, $500 per million pounds of milk sold below the producer price for amounts greater than seven million but not greater than 20 million pounds, $200 per million pounds of milk sold below the producer price for amounts greater than 20 million but not greater than 50 million pounds, and $100 per million pounds of milk sold below the producer price for amounts greater than 50 million pounds but not greater than 90 million pounds. In order to qualify for the credit, the dairy farm must possess a Grade A permit issued by VDACS and must have voluntarily implemented (i) a nutrient management plan that has been approved by, or is currently being reviewed by, the Department of Conservation and Recreation or (ii) a resource management plan and been certified as having implemented the plan by, or be in the process of having such plan reviewed by, the Department of Conservation and Recreation or a local soil and water conservation district. The bill requires the Tax Commissioner, in consultation with the Department of Agriculture and the Department of Conservation and Recreation, to establish guidelines for claiming the credit. The credit shall be nonrefundable and any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The credit expires beginning with taxable year 2024. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/14/2019Committee
01/14/2019Presented and ordered printed 19102787D
01/14/2019Referred to Committee on Finance
01/18/2019Assigned Finance sub: Subcommittee #3
01/24/2019Impact statement from TAX (HB2680)
01/25/2019House subcommittee amendments and substitutes offered
02/05/2019Left in Finance