SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2018 SESSION
HB 665 Coalfield employment enhancement tax credit; metallurgical coal mined by underground methods.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Coal tax credits. Reinstates the Coalfield employment enhancement tax credit. The credit, which expired on July 1, 2016, can be earned on and after January 1, 2018, but before January 1, 2023, and only for metallurgical coal. This bill is identical to SB 378.
SUMMARY AS PASSED HOUSE:
Coal tax credits. Reinstates the Virginia coal employment and production incentive tax credit. The credit, which expired on July 1, 2016, can be earned on and after January 1, 2018, but before January 1, 2023. 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 credits may be carried over for seven years. The bill also reestablishes the coalfield employment enhancement tax credit for metallurgical coal for taxable years beginning on and after January 1, 2018, but before January 1, 2023.
SUMMARY AS INTRODUCED:
Coal tax credits. Reinstates the Virginia coal employment and production incentive tax credit. The credit, which expired on July 1, 2016, can be earned on and after January 1, 2018, but before January 1, 2023. 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 credits may be carried over for seven years. The bill also reestablishes the coalfield employment enhancement tax credit for metallurgical coal for taxable years beginning on and after January 1, 2018, but before January 1, 2023.