Tax credit; agricultural best management practices. (SB1162)

Introduced By

Sen. Emmett Hanger (R-Mount Solon) with support from co-patrons Del. John Avoli (R-Staunton), Sen. Lynwood Lewis (D-Accomac), and Sen. Monty Mason (D-Williamsburg)

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 HB 1763. Read the Bill »

Status

07/25/2021: Awaiting a Vote in the Finance 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)
02/02/2021Senate committee, floor amendments and substitutes offered
02/03/2021Senate committee, floor amendments and substitutes offered
02/03/2021Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally)
02/03/2021Committee substitute printed 21104366D-S1
02/03/2021Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/04/2021Read second time
02/04/2021Reading of substitute waived
02/04/2021Committee substitute agreed to 21104366D-S1
02/04/2021Engrossed by Senate - committee substitute SB1162S1
02/04/2021Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/04/2021Passed Senate (39-Y 0-N) (see vote tally)
02/07/2021Placed on Calendar
02/07/2021Read first time
02/07/2021Referred to Committee on Finance
02/08/2021Continued to Special Session 1 in Finance
02/10/2021Impact statement from TAX (SB1162S1)
02/10/2021Reported from Finance (22-Y 0-N) (see vote tally)
02/12/2021Read second time
02/15/2021Read third time
02/15/2021Passed House (98-Y 0-N 2-A)
02/15/2021VOTE: Passage (98-Y 0-N 2-A) (see vote tally)
02/17/2021Enrolled
02/17/2021Bill text as passed Senate and House (SB1162ER)
02/17/2021Signed by President
02/18/2021Signed by Speaker
02/22/2021Enrolled Bill Communicated to Governor on February 22, 2021
02/22/2021G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/01/2021Impact statement from TAX (SB1162ER)
03/11/2021G Approved by Governor-Chapter 40 (effective - see bill)
03/11/2021G Acts of Assembly Chapter text (CHAP0040)

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