Beneficial hardwood management practices; creates a nonrefundable income tax credit. (HB1319)

Introduced By

Del. Les Adams (R-Chatham)

Progress

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

Description

Beneficial hardwood management practices. Creates a nonrefundable income tax credit for taxable years 2022 through 2026 for expenses incurred by a taxpayer for the implementation of beneficial hardwood management practices. The credit equals the lesser of the actual expenses or $1,000. The bill requires the Tax Commissioner, in coordination with the State Forester, to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The credit is subject to an aggregate annual cap of $1 million that will be administered by the Department of Forestry on a first-come, first-served basis. Read the Bill »

Status

03/02/2022: Passed the Senate

History

DateAction
01/21/2022Committee
01/21/2022Presented and ordered printed 22101516D
01/21/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
01/30/2022Impact statement from TAX (HB1319)
01/31/2022Subcommittee recommends reporting with amendments (8-Y 1-N)
01/31/2022Subcommittee recommends referring to Committee on Appropriations
02/02/2022House committee, floor amendments and substitutes offered
02/02/2022Reported from Finance with amendment(s) (18-Y 3-N) (see vote tally)
02/02/2022Referred to Committee on Appropriations
02/03/2022Assigned App. sub: Commerce Agriculture & Natural Resources
02/09/2022Subcommittee recommends reporting (7-Y 0-N)
02/09/2022Reported from Appropriations (21-Y 0-N) (see vote tally)
02/11/2022Read first time
02/14/2022Read second time
02/14/2022Committee amendment agreed to
02/14/2022Engrossed by House as amended HB1319E
02/14/2022Printed as engrossed 22101516D-E
02/15/2022Read third time and passed House (91-Y 7-N 2-A)
02/15/2022VOTE: Passage (91-Y 7-N 2-A) (see vote tally)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on Finance and Appropriations
02/23/2022Impact statement from TAX (HB1319E)
03/01/2022Reported from Finance and Appropriations with amendments (14-Y 2-N) (see vote tally)
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/02/2022Read third time
03/02/2022Reading of amendments waived
03/02/2022Committee amendments agreed to
03/02/2022Engrossed by Senate as amended
03/02/2022Passed Senate with amendments (38-Y 2-N) (see vote tally)
03/02/2022Senate amendments rejected by House (0-Y 99-N)
03/02/2022VOTE: Rejected (0-Y 99-N) (see vote tally)
03/02/2022Senate insisted on amendments (39-Y 0-N) (see vote tally)
03/02/2022Senate requested conference committee
03/02/2022House acceded to request
03/02/2022Conferees appointed by House
03/02/2022Delegates: Adams, L.R., Byron, Sullivan
03/02/2022Conferees appointed by Senate
03/02/2022Senators: Deeds, Ruff, Vogel
03/12/2022Continued to 2022 Sp. Sess. pursuant to HJR 455
03/12/2022Continued to 2022 Sp. Sess. 1 pursuant to HJR455

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