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2016 SESSION

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SB 44 Coal tax; limits aggregate amount of credits that may be allocated or claimed for employment, etc.

Introduced by: Charles W. Carrico, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

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 incorporates SB 718, and is identical to HB 298.


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