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2015 SESSION

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HB 1877 Coal; expiration of certain tax credits, dedication of additional revenues.

Introduced by: K. Rob Krupicka | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Expiration of certain coal tax credits; dedication of additional revenues. Sunsets the Virginia coal employment and production incentive tax credits and the coalfield employment enhancement tax credit on January 1, 2016. An amount equal to the additional annual revenue anticipated to be received in the state treasury from the expiration of the tax credits would be deposited into the Additional Guaranteed Assistance Fund (the Fund), a special fund created under the bill for providing grants to eligible students enrolled in or accepted for enrollment in a public institution of higher education in Virginia. The Tax Commissioner would determine the amount to be deposited into the Fund, which would be the same amount in each fiscal year. The amount to be deposited would equal the average annual amount claimed or redeemed by all persons under the expiring tax credits for the three most recent taxable years for which the Department of Taxation has data. Deposits would be made into the Fund by July 31 of each year, beginning in 2016. One-half of the moneys deposited into the Fund each year by the Comptroller would be reserved and awarded to eligible students who have as a domicile the County of Lee, County of Wise, County of Scott, County of Buchanan, County of Russell, County of Tazewell, County of Dickenson, or the City of Norton. These counties and city comprise the Virginia Coalfield Economic Development Authority.


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