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2015 SESSION

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15102386D
SENATE BILL NO. 949 Offered January 14, 2015 Prefiled January 9, 2015 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.13, relating to a tax credit for hybrid vehicle registration. ---------- Patron-- Stuart ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.13 as follows:

§ 58.1-339.13. Tax credit for hybrid vehicle registration.

A. As used in this section, "individual" means an owner of a hybrid vehicle who paid the annual license tax imposed pursuant to § 58.1-2249 between July 1, 2013, and July 1, 2014.

B. For taxable years beginning on or after January 1, 2015, but before January 1, 2016, any individual shall be entitled to a refundable credit against the tax levied pursuant to § 58.1-320. The amount of the credit shall be equal to $64 per hybrid vehicle registered to an individual.

C. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year, the excess may be carried over for credit against the income taxes of the taxpayer in the next year.

2. That the provisions of this act shall expire on July 1, 2018.