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
History
Date | Action |
---|---|
12/16/2019 | Committee |
12/16/2019 | Prefiled and ordered printed; offered 01/08/20 20100857D |
12/16/2019 | Referred to Committee on Agriculture, Chesapeake and Natural Resources |
01/15/2020 | Referred from Agriculture, Chesapeake and Natural Resources |
01/15/2020 | Referred to Committee on Finance |
01/16/2020 | Assigned Finance sub: Subcommittee #1 |
01/18/2020 | Impact statement from TAX (HB126) |
01/20/2020 | Subcommittee recommends laying on the table (7-Y 2-N) |
02/11/2020 | Left in Finance |
Comments
Can you explain how subcommittees fail a bill? I don't understand if there were 7 yes and 2 no, why did it fail? What does it mean to be "Left in Finance"?
This is a great bill. Maryland has had a similar tax credit for years. The Federal and State government are spending a lot of money in attempt to clean the Chesapeake Bay. This bill would reimburse homeowners for the cost of putting oysters in the bay. Each oyster can clean up to 50,000 gallons of water a day! They live several years, but have been on the decline in the bay for several reasons. It seems like this bill would be very cost effective! If you go around the bay and our tributaries in VA, you can see that a very small percentage of homeowners who own piers have oyster floats. If we can encourage people to get them, we can easily help clean the water of the bay, with lasting effect.
Other efforts such as reforestation, natural shorelines, water treatment, control of agricultural runoff, industrial pollution control, etc are helping but not enough. This has got to be a cheaper solution than the other efforts, but at the very least, in conjunction with other efforts, we will make faster progress.
If this bill is introduced again, there are several non-profit organizations and citizens I know of that would support it. How can I help?