Coal tax credits; sunset dates. (HB1899)

Introduced By

Del. Sally Hudson (D-Charlottesville) with support from 15 copatrons, whose average partisan position is:

Those copatrons are Del. Lee Carter (D-Manassas), Del. Elizabeth Guzman (D-Dale City), Del. Dan Helmer (D-Fairfax Station), Del. Patrick Hope (D-Arlington), Del. Mark Keam (D-Vienna), Del. Kaye Kory (D-Falls Church), Del. Mark Levine (D-Alexandria), Del. Alfonso Lopez (D-Arlington), Del. Ken Plum (D-Reston), Del. David Reid (D-Loudoun), Del. Ibraheem Samirah (D-Herndon), Del. Marcus Simon (D-Falls Church), Del. Shelly Simonds (D-Newport News), Del. Suhas Subramanyam (D-Sterling), Del. Vivian Watts (D-Annandale)

Description

Sunset of coal tax credits. Sunsets the Coal Employment and Production Incentive Tax Credit and Coalfield Employment Enhancement Tax Credit after tax year 2021 and prohibits the allocation of such credits on and after January 1, 2022. The bill provides that if Coal Employment and Production Incentive tax credits were earned prior to January 1, 2022, the credit holder may claim the credits in subsequent tax years pursuant to the applicable carryover requirements of current law; however, such credit holders would be limited to claiming $1 million in carryover credits per taxable year. The bill directs the Department of Mines, Minerals and Energy to convene a stakeholder process to report by December 1, 2021, on recommendations for how the Commonwealth can provide economic transition support to the coalfield region. This bill is identical to SB 1252. Read the Bill »

Status

04/15/2021: signed by governor

History