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2016 SESSION

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HB 298 Coal tax; limits aggregate amount of credits that may be allocated or claimed for employment, etc.

Introduced by: Terry G. Kilgore | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Coal tax credits. Limits the aggregate amount of credits that may be allocated or claimed for the coal employment and production incentive tax credit to $7.3 million in each fiscal year. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of approved applications for tax credits for the fiscal year exceeds $7.3 million, the Department of Taxation shall apportion the credits on a pro rata basis. The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable years beginning before January 1, 2022. This bill is identical to SB 44.

SUMMARY AS INTRODUCED:

Coal tax credits. Limits the aggregate amount of credits that may be allocated or claimed for the coal employment and production incentive tax credit to $7.5 million each year. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of approved applications for tax credits for the fiscal year exceeds $7.5 million, the Department of Taxation shall apportion the credits on a pro rata basis.

The bill extends from July 1, 2016, to January 1, 2020, the date by which coal employment and production incentive tax credits must be earned in order to be allocated to persons with an economic interest in coal. The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable year 2019.