Tax credits of agricultural equipment. (SB1163)

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 credits of agricultural equipment. Establishes a refundable individual and corporate income tax credit for 25 percent of expenditures, up to a maximum of $17,500, made for the purchase of conservation tillage and precision agriculture equipment certified by the Virginia Soil and Water Conservation Board as reducing soil compaction or improving precision of pesticide and fertilizer application or injection, beginning in taxable year 2021. The bill expires the existing individual and corporate income tax credits for conservation tillage equipment and purchase of advanced technology pesticide and fertilizer application equipment after taxable year 2020. Under current law, an individual or corporate taxpayer is allowed nonrefundable credits of up to $4,000 for conservation tillage equipment purchases and up to $3,750 for advanced technology pesticide and fertilizer application equipment purchases, which credits may be carried over for five years. 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 21102051D
01/08/2021Referred to Committee on Finance and Appropriations

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