Advanced recycling; incentives in income tax, sales tax, and machinery and tools tax. (SB789)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

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

Description

Advanced recycling; incentives in income tax, sales tax, and machinery and tools tax. Advances from 2020 to 2025 the sunset date of the income tax credit for purchase of equipment for processing recyclable materials and makes eligible for the credit purchases of equipment used in advanced recycling, defined in the bill. The bill increases the dollar value of the credit from 20 percent to 100 percent of the purchase price of such equipment, eliminates the requirement that a taxpayer may only claim up to 40 percent of his tax liability in credit per year, and makes the credit refundable and transferable for credits issued starting in taxable year 2020. This bill was incorporated into SB 590. The bill provides that certain machinery, tools, and materials used in advanced recycling shall be exempt from sales tax. The bill provides that such machinery, tools, and materials shall be segregated and classified as machinery and tools, which are taxed at a lower rate than the generally applicable personal property tax rate. Read the Bill »

Status

01/30/2020: Incorporated into Another Bill

History

DateAction
01/08/2020Prefiled and ordered printed; offered 01/08/20 20104166D
01/08/2020Referred to Committee on Finance and Appropriations
01/27/2020Impact statement from TAX (SB789)
01/30/2020Incorporated by Finance and Appropriations (SB590-Hanger) (12-Y 0-N) (see vote tally)

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