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2010 SESSION

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SB 657 Income tax, corporate; renewable energy products tax credit.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Income tax; corporate; renewable energy products tax credit.  Provides an income tax credit for the manufacture of renewable energy products in Virginia by a facility that begins production of such products no later than January 1, 2012.  The credit would equal three percent of the total sales price of such renewable energy products that are exported.  The aggregate amount of credit for each fiscal year would not exceed $6 million.

SUMMARY AS INTRODUCED:

Income tax; corporate; renewable energy products tax credit. Provides an income tax credit for taxable years beginning on and after January 1, 2011, but before January 1, 2016, for the production and export of renewable energy products. The credit ranges from $0.20 to $0.40 per ton of renewable energy products, depending on the current year export volume. The total amount of credits allowed annually is $6 million.