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2010 SESSION
HB 545 Machinery & tools; tax exemption when used to create production components using recycled materials.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Recycled materials to create tangible personal property; tax exemptions and incentives. Exempts from state taxation until July 1, 2020, production and industrial components used to create finished tangible personal products from recycled materials. The bill allows counties, cities and towns to classify those tools and machinery separately for taxation purposes. Machinery and equipment used to process the recycled material is to be certified as such by the Department of Environmental Quality. Qualified businesses may receive local incentives for converting recycled materials into tangible personal property for resale. This is a recommendation of the Virginia Housing Commission.
FULL TEXT
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10100873D pdf | impact statement
- 02/10/10 House: Committee substitute printed 10105096D-H1 pdf | impact statement
HISTORY
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10100873D
- 01/12/10 House: Referred to Committee on Finance
- 01/18/10 House: Assigned Finance sub: #1
- 02/03/10 House: Subcommittee recommends reporting with amendment(s) (8-Y 2-N)
- 02/10/10 House: Committee substitute printed 10105096D-H1
- 02/10/10 House: Reported from Finance with substitute (21-Y 1-N)
- 02/10/10 House: Referred to Committee on Appropriations
- 02/16/10 House: Left in Appropriations