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2006 SPECIAL SESSION I
062116466Be 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 58.1-339.12 as follows:
§ 58.1-339.12. Toll payment tax credit.
For taxable years beginning on and after January 1, 2007, any taxpayer who makes electronic toll collection payments, as defined herein, for the use of any highway in the Commonwealth shall be allowed a credit against the tax imposed by Article 2 (§ 58.1-320 et seq.) of this chapter equal to 10% of the amount paid as evidenced by receipts for such use. "Electronic toll collection payments" means amounts properly deducted from a taxpayer's account through a toll payment system that automatically deducts the amount of the toll from an account each time the taxpayer'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.