Income tax, state and corporate; creates tax credit for coal refuge energy and reclamation, report. (HB656)

Introduced By

Del. Will Wampler (R-Abingdon)

Progress

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

Description

Coal refuse energy and reclamation tax credit. Creates a nonrefundable individual and corporate income tax credit for taxable years 2023 through 2027 equal to $4 per ton of qualified coal refuse used to generate electricity at an eligible facility, defined in the bill, in the Commonwealth by an eligible taxpayer, defined in the bill, during the taxable year. The amount of credits that may be claimed for a single eligible facility shall not exceed $1,665,000 in taxable year 2023, $2,220,000 in taxable year 2024, and $4,440,000 in taxable years 2025, 2026, and 2027. The aggregate credits in each taxable year are capped at $7.5 million in taxable year 2023, $10 million in taxable year 2024, and $20 million in taxable years 2025, 2026, and 2027. The credit may be carried forward for five taxable years. The credit shall be administered by Department of Taxation, who shall compile and submit an annual report by November 1 of each taxable year with the number of eligible taxpayers applying for and utilizing the credit, the amount of credits approved, and data on the benefits to the Commonwealth of the use of qualified coal refuse to generate electricity at an eligible facility to the Chairmen of the House Committee on Finance, the House Committee on Appropriations, and the Senate Committee on Finance and Appropriations. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22101160D
01/11/2022Referred to Committee on Finance
01/20/2022Assigned Finance sub: Subcommittee #1
01/23/2022Impact statement from TAX (HB656)
01/27/2022Assigned Finance sub: Subcommittee #3
02/02/2022House committee, floor amendments and substitutes offered
02/02/2022Committee substitute printed 22105065D-H1
02/02/2022Reported from Finance with substitute (11-Y 10-N) (see vote tally)
02/02/2022Referred to Committee on Appropriations
02/03/2022Assigned App. sub: Commerce Agriculture & Natural Resources
02/09/2022Subcommittee recommends laying on the table (8-Y 0-N)
02/15/2022Left in Appropriations

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