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2001 SESSION
015992204Be it enacted by the General Assembly of Virginia:
1. That § 58.1-439.7 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-439.7. Tax credit for purchase of machinery and equipment for processing recyclable materials.
A. For taxable years beginning on and after January 1, 1999, but before January
1, 2001 2006, a corporation shall be allowed a credit against the tax imposed
pursuant to § 58.1-400 in an amount equal to ten percent of the purchase price
paid during the taxable year for machinery and equipment used exclusively in or on
the premises of manufacturing facilities or plant units which manufacture,
process, compound, or produce items of tangible personal property from
recyclable materials, within the Commonwealth, for sale. For purposes of
determining "purchase price paid" under this section, the taxpayer may use the
original total capitalized cost of such machinery and equipment, less
capitalized interest. The Department of Environmental Quality shall certify
that such machinery and equipment are integral to the recycling process before
the corporation shall be entitled to the tax credit under this section. The
corporation shall also submit purchase receipts, invoices, and such other
documentation as may be necessary to confirm the taxpayer's statement of
purchase price paid, with the income tax return to verify the amount of
purchase price paid for the recycling machinery and equipment.
B. The total credit allowed under this section in any taxable year shall not exceed forty percent of the Virginia income tax liability of such taxpayer.
C. Any tax credit not used for the taxable year in which the purchase price on recycling machinery and equipment was paid may be carried over for credit against the corporation's income taxes in the ten succeeding taxable years until the total credit amount is used.
D. A taxpayer claiming the tax credit provided by § 58.1-439.8 shall not be eligible for the tax credit provided by this section.
2. That the second enactment of Chapter 709 of the 1990 Acts of Assembly, as amended by Chapter 313 of the 1992 Acts of Assembly, Chapter 585 of the 1993 Acts of Assembly, Chapter 202 of the 1995 Acts of Assembly, and Chapter 837 of the 1996 Acts of Assembly is amended and reenacted as follows:
2. That the provisions of this act shall be effective for all taxable years
beginning on and after January 1, 1993, but before January 1, 2001 2006;
however, the expiration of this act shall not affect unused credits which may be carried over by the
taxpayer in succeeding taxable years.