Aquaculture oyster floats; tax credit for purchase of floats. (HB126)

Introduced By

Del. Jason Miyares (R-Virginia Beach) with support from co-patron Del. Alfonso Lopez (D-Arlington)

Progress

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

Description

Tax credit for purchase of aquaculture oyster floats. Establishes an individual nonrefundable income tax credit for taxable years beginning on or after January 1, 2020, but before January 1, 2025, for the purchase price of aquaculture oyster floats purchased during the taxable year. The amount of credit allowed under this section shall not exceed $500. The total amount of tax credits available under this section for a calendar year shall not exceed $50,000. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the aquaculture oyster floats were purchased, the amount that exceeds the tax liability may be carried over for credit against the income taxes of the taxpayer in the next five taxable years. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/16/2019Committee
12/16/2019Prefiled and ordered printed; offered 01/08/20 20100857D
12/16/2019Referred to Committee on Agriculture, Chesapeake and Natural Resources
01/15/2020Referred from Agriculture, Chesapeake and Natural Resources
01/15/2020Referred to Committee on Finance
01/16/2020Assigned Finance sub: Subcommittee #1
01/18/2020Impact statement from TAX (HB126)
01/20/2020Subcommittee recommends laying on the table (7-Y 2-N)
02/11/2020Left in Finance

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