Tax credit; agricultural best management practices. (HB1763)

Introduced By

Del. Tony Wilt (R-Harrisonburg) with support from co-patrons Del. Lashrecse D. Aird (D-Petersburg), Del. John Avoli (R-Staunton), and Del. Chris Runion (R-Bridgewater)

Progress

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

Description

Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 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 50 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 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 from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024. This bill is identical to SB 1162. Read the Bill »

Status

02/17/2021: Passed the Senate

History

DateAction
12/21/2020Prefiled and ordered printed; offered 01/13/21 21100953D
12/21/2020Referred to Committee on Finance
01/16/2021Assigned Finance sub: Subcommittee #2
01/16/2021Impact statement from TAX (HB1763)
01/26/2021House subcommittee amendments and substitutes offered
01/26/2021Subcommittee recommends reporting with amendments (10-Y 0-N)
01/27/2021Reported from Finance with amendment(s) (22-Y 0-N) (see vote tally)
01/27/2021Referred to Committee on Appropriations
01/27/2021Assigned App. sub: Commerce Agriculture & Natural Resources
01/29/2021House subcommittee amendments and substitutes offered
01/29/2021Subcommittee recommends reporting with substitute (8-Y 0-N)
01/29/2021Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
01/29/2021Committee substitute printed 21103947D-H1
02/01/2021Read first time
02/02/2021Read second time
02/02/2021Committee on Finance amendments rejected
02/02/2021Committee on Appropriations substitute agreed to 21103947D-H1
02/02/2021Engrossed by House - committee substitute HB1763H1
02/03/2021Read third time and passed House BLOCK VOTE (98-Y 0-N 1-A)
02/03/2021VOTE: Block Vote Passage (98-Y 0-N 1-A) (see vote tally)
02/03/2021Reconsideration of passage agreed to by House
02/03/2021Passed House BLOCK VOTE (99-Y 0-N)
02/03/2021VOTE: Block Vote Passage #2 (99-Y 0-N) (see vote tally)
02/04/2021Constitutional reading dispensed
02/04/2021Referred to Committee on Finance and Appropriations
02/05/2021Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (see vote tally)
02/15/2021Impact statement from TAX (HB1763H1)
02/16/2021Senate committee, floor amendments and substitutes offered
02/16/2021Reported from Finance and Appropriations with amendments (13-Y 0-N) (see vote tally)
02/16/2021Constitutional reading dispensed (37-Y 0-N) (see vote tally)
02/17/2021Read third time
02/17/2021Reading of amendments waived
02/17/2021Committee amendments #'s 1-4 agreed to
02/17/2021Committee amendment #5 rejected
02/17/2021Engrossed by Senate as amended
02/17/2021Passed Senate with amendments (39-Y 0-N) (see vote tally)
02/18/2021Placed on Calendar
02/18/2021Passed by temporarily
02/18/2021Senate amendments agreed to by House (100-Y 0-N)
02/18/2021VOTE: Adoption (100-Y 0-N) (see vote tally)
02/22/2021Enrolled
02/22/2021Bill text as passed House and Senate (HB1763ER)
02/22/2021Signed by President
02/24/2021Signed by Speaker
02/25/2021Enrolled Bill communicated to Governor on February 25, 2021
02/25/2021G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/08/2021Impact statement from TAX (HB1763ER)
03/11/2021G Approved by Governor-Chapter 39 (effective - see bill)
03/11/2021G Acts of Assembly Chapter text (CHAP0039)