Coal tax credits; sunset dates. (SB1252)

Introduced By

Sen. Jeremy McPike (D-Dale City) with support from co-patron Del. Ken Plum (D-Reston)

Progress

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

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 HB 1899. Read the Bill »

Status

04/18/2021: Awaiting a Vote in the Finance Committee

History

Date	Action
01/12/2021	Prefiled and ordered printed; offered 01/13/21 21100972D
01/12/2021	Referred to Committee on Finance and Appropriations
01/22/2021	Impact statement from TAX (SB1252)
01/26/2021	House subcommittee amendments and substitutes offered
02/02/2021	Senate committee, floor amendments and substitutes offered
02/02/2021	Reported from Finance and Appropriations with substitute (13-Y 2-N 1-A) (see vote tally)
02/02/2021	Committee substitute printed 21104311D-S1
02/03/2021	Constitutional reading dispensed (37-Y 0-N) (see vote tally)
02/04/2021	Read second time
02/04/2021	Reading of substitute waived
02/04/2021	Committee substitute agreed to 21104311D-S1
02/04/2021	Engrossed by Senate - committee substitute SB1252S1
02/05/2021	Read third time and passed Senate (22-Y 17-N) (see vote tally)
02/07/2021	Placed on Calendar
02/07/2021	Read first time
02/07/2021	Referred to Committee on Finance
02/08/2021	Continued to Special Session 1 in Finance
02/09/2021	Impact statement from TAX (SB1252S1)
02/10/2021	Reported from Finance (13-Y 9-N) (see vote tally)
02/12/2021	Read second time
02/15/2021	Read third time
02/15/2021	Passed House (55-Y 45-N)
02/15/2021	VOTE: Passage (55-Y 45-N) (see vote tally)
02/17/2021	Enrolled
02/17/2021	Bill text as passed Senate and House (SB1252ER)
02/17/2021	Signed by President
02/18/2021	Signed by Speaker
02/22/2021	Enrolled Bill Communicated to Governor on February 22, 2021
02/22/2021	G Governor's Action Deadline 11:59 p.m., March 31, 2021
02/24/2021	Impact statement from TAX (SB1252ER)
03/31/2021	Governor's recommendation received by Senate
04/07/2021	Senate rejected Governor's recommendation (14-Y 26-N)
04/07/2021	Communicated to Governor
04/07/2021	G Governor's Action Deadline 11:59 p.m., May 7, 2021
04/15/2021	G Approved by Governor-Chapter 554 (effective 7/1/21)
04/15/2021	G Acts of Assembly Chapter text (CHAP0554)