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2018 SESSION

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SB 378 Coalfield employment enhancement tax credit; metallurgical coal mined by underground methods.

Introduced by: A. Benton "Ben" Chafin | 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 HB 665.

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.