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2011 SESSION
SB 981 Renewable energy sources; tax credit for producing energy, exception.
Introduced by: Mary Margaret Whipple | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Renewable energy sources production tax credit. Establishes, beginning January 1, 2012 and ending July 1, 2016, a $1-per-megawatt-hour income tax credit for each megawatt-hour of electricity or megawatt-hour equivalent in thermal energy that an energy producer generated from renewable energy sources harvested or captured in Virginia and sold or self-consumed during the taxable year. The bill provides that tax credits would be allowed only for electricity or thermal energy generated from equipment first placed in service on or after January 1, 2012. Under the bill, investor-owned incumbent electric utilities that have applied to the State Corporation Commission for approval to participate in a renewable energy portfolio standard program would be ineligible to receive the tax credit. The bill would provide a 10-year carryforward period for any credit not usable in the taxable year of sale.
FULL TEXT
- 01/11/11 Senate: Prefiled and ordered printed; offered 01/12/11 11103251D pdf | impact statement
- 01/26/11 Senate: Committee substitute printed 11104617D-S1 pdf
- 02/02/11 Senate: Printed as engrossed 11104617D-ES1 pdf | impact statement
AMENDMENTS
HISTORY
- 01/11/11 Senate: Prefiled and ordered printed; offered 01/12/11 11103251D
- 01/11/11 Senate: Referred to Committee on Finance
- 01/26/11 Senate: Reported from Finance with substitute (9-Y 5-N)
- 01/26/11 Senate: Committee substitute printed 11104617D-S1
- 01/27/11 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/28/11 Senate: Passed by for the day
- 01/31/11 Senate: Read second time
- 01/31/11 Senate: Reading of substitute waived
- 01/31/11 Senate: Committee substitute agreed to 11104617D-S1
- 01/31/11 Senate: Engrossed by Senate - committee substitute SB981S1
- 02/01/11 Senate: Passed by for the day
- 02/02/11 Senate: Engrossment reconsidered by Senate (40-Y 0-N)
- 02/02/11 Senate: Reading of amendment waived
- 02/02/11 Senate: Amendment by Senator Whipple agreed to
- 02/02/11 Senate: Engrossed by Senate - committee substitute with amendment SB981ES1
- 02/02/11 Senate: Printed as engrossed 11104617D-ES1
- 02/02/11 Senate: Constitutional reading dispensed (39-Y 1-N)
- 02/02/11 Senate: Passed Senate (36-Y 4-N)
- 02/07/11 House: Placed on Calendar
- 02/07/11 House: Read first time
- 02/07/11 House: Referred to Committee on Finance
- 02/08/11 House: Assigned Finance sub: #3
- 02/22/11 House: Left in Finance