SEARCH SITE

Search FAQs

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2017 SESSION

  • | print version

HB 2198 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

SUMMARY AS PASSED HOUSE: (all summaries)

Coal tax credits. Reinstates the Virginia coal employment and production incentive tax credit. The credit, which expired on July 1, 2016, could be earned on and after January 1, 2017, but before January 1, 2022. The bill limits the aggregate amount of credits that may be allocated or claimed for the coal employment and production incentive tax credit in each fiscal year to $7.3 million. 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 credits earned in a taxable 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 1470.


FULL TEXT

AMENDMENTS

HISTORY