Tax credit; agricultural best management practices. (SB1162)

Introduced By

Sen. Emmett Hanger (R-Mount Solon) with support from co-patron Del. John Avoli (R-Staunton)

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 beginning in taxable year 2021 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 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 shall not exceed $75,000. Read the Bill »

Status

01/08/2021: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
01/08/2021Prefiled and ordered printed; offered 01/13/21 21100999D
01/08/2021Referred to Committee on Finance and Appropriations
01/22/2021Impact statement from TAX (SB1162)

Duplicate Bills

The following bills are identical to this one: HB1763.

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