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2001 SESSION

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HB 2469 Income tax deduction; energy program contributions.

Introduced by: Kenneth R. Plum | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax deduction; energy program contributions. Creates a Virginia personal income tax exemption for contributions to a utility company emergency energy program if the utility company is an agent for a charitable organization that assists individuals with emergency energy needs and contributions to such charitable organization can be identified as a "charitable contribution" under § 170(c) of the Internal Revenue Code. The deduction may be taken only by taxpayers who do not take a deduction for the contribution on their federal income tax returns. The deduction applies to taxable years beginning on and after January 1, 2002. This is a recommendation of the Consumer Advisory Board established under the Electric Utility Restructuring Act.


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