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2001 SESSION

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011335976
HOUSE BILL NO. 2852 Offered January 19, 2001 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.11, relating to an individual income tax credit for certain toll payments. ---------- Patrons-- Ware, Albo, Cox, Nixon, O'Brien, Rapp and Reid; Senator: Martin ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.11 as follows:

§ 58.1-339.11. Toll payment tax credit.

For all taxable years beginning on and after January 1, 2001, any individual shall be allowed a credit against the tax imposed by § 58.1-320 of the amount an individual pays for the use of any highway within the Commonwealth in the form of (i) tokens or (ii) electronic toll collection payments, as evidenced by receipts or periodic printed statements from the operator of the highway. "Electronic toll collection payments" means amounts properly deducted from an individual's user account at a toll payment system that automatically deducts the amount of the toll from an account each time the individual's vehicle passes through the toll collection facility, by means of a transponder or other electronic vehicle identification system. If the amount of the credit exceeds the taxpayer's liability for such taxable year, the excess may be carried over for credit against income taxes in the next five taxable years until the total amount of the tax credit has been taken.