Income tax, state and corporate; tax credit, agricultural best management practices. (HB1652)

Introduced By

Del. Tony Wilt (R-Harrisonburg) with support from co-patron Del. David Bulova (D-Fairfax)

Description

Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit beginning in taxable year 2020 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 75 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The amount of the enhanced credit shall not exceed $75,000. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit to $100,000. Read the Bill »

Outcome

History