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2014 SESSION

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HB 873 VA's ports-related tax credits; increases annual amount of international trade facility tax credits.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Ports tax credits. Changes Virginia's ports-related tax credits by increasing the annual amount of international trade facility tax credits that may be issued from $250,000 to $1.25 million, decreasing the annual amount of barge and rail usage tax credits that may be issued from $1.5 million to $500,000, and allowing a taxpayer to be eligible for the port volume increase tax credit and the barge and rail usage tax credit if the taxpayer meets the criteria for both. The bill reduces from 10 percent to five percent the minimum annual increase in cargo transported through a maritime port that is a condition of eligibility for the international trade facility tax credit. The bill also makes roll-on/roll-off cargo eligible for the international trade facility, port volume increase, and barge and rail usage tax credits. The provisions of the bill would become effective for taxable years beginning on or after January 1, 2014.


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