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2013 SESSION

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HB 1824 Virginia port volume; increase tax credit to certain entities, clarifies definitions.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Virginia port volume increase tax credit. Extends the tax credit beginning in 2013 to growers or producers of (i) wheat, grains, fruits, nuts, crops; (ii) tobacco, nursery, or floral products; (iii) forestry products excluding raw wood fiber or wood fiber processed or manufactured for use as fuel for the generation of electricity; or (iv) seafood, meat, dairy, or poultry products. Under current law, manufacturers and distributors of manufactured goods that ship at least 75 net tons of noncontainerized cargo or 10 loaded 20-foot equivalent units (TEUs) through Virginia port facilities during a calendar year are eligible for an income tax credit if their volume of shipments through such facilities increases by at least five percent over a designated base year volume. The tax credit equals $50 for each TEU above the base year volume shipped through a Virginia port facility.

SUMMARY AS PASSED:

Virginia port volume increase tax credit. Extends the tax credit beginning in 2013 to growers or producers of (i) wheat, grains, fruits, nuts, crops; (ii) tobacco, nursery, or floral products; (iii) forestry products excluding raw wood fiber or wood fiber processed or manufactured for use as fuel for the generation of electricity; or (iv) seafood, meat, dairy, or poultry products. The bill also eliminates distributors of these goods from being eligible for the tax credit. Under current law, manufacturers and distributors of manufactured goods that ship at least 75 net tons of noncontainerized cargo or 10 loaded 20-foot equivalent units (TEUs) through Virginia port facilities during a calendar year are eligible for an income tax credit if their volume of shipments through such facilities increases by at least five percent over a designated base year volume. The tax credit equals $50 for each TEU above the base year volume shipped through a Virginia port facility.

SUMMARY AS PASSED HOUSE:

Virginia port volume increase tax credit. Extends the tax credit beginning in 2013 to growers or producers of (i) wheat, grains, fruits, nuts, crops; (ii) tobacco, forestry, nursery, or floral products; or (iii) seafood, meat, dairy, or poultry products. The bill also eliminates distributors of these goods from being eligible for the tax credit. Under current law, manufacturers and distributors of manufactured goods that ship at least 75 net tons of noncontainerized cargo or 10 loaded 20-foot equivalent units (TEUs) through Virginia port facilities during a calendar year are eligible for an income tax credit if their volume of shipments through such facilities increases by at least five percent over a designated base year volume. The tax credit equals $50 for each TEU above the base year volume shipped through a Virginia port facility.

SUMMARY AS INTRODUCED:

Virginia port volume increase tax credit. Extends the tax credit beginning in 2013 to (i) growers or distributors of wheat, grains, fruits, nuts, crops, or plants and (ii) persons severing minerals or gases from the earth or distributors of the same.

Under current law, manufacturers and distributors of manufactured goods that ship at least 75 net tons of noncontainerized cargo or 10 loaded 20-foot equivalent units (TEUs) through Virginia port facilities during a calendar year are eligible for an income tax credit if their volume of shipments through such facilities increases by at least five percent over a designated base year volume. The tax credit equals $50 for each TEU above the base year volume shipped through a Virginia port facility. This bill would extend the tax credit to (i) growers or distributors of wheat, grains, fruits, nuts, crops, or plants and (ii) persons severing minerals or gases from the earth or distributors of the same.