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2019 SESSION
HB 2680 Milk production; creates an income tax credit.
Introduced by: Tony O. Wilt | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Milk production tax credit. Creates an income tax credit beginning in taxable year 2019 for taxpayers who own a dairy farm that sells milk below the producer price that is determined by the State Milk Commission. The credit equals $1,000 per million pounds of milk sold below the producer price for the first seven million pounds, $500 per million pounds of milk sold below the producer price for amounts greater than seven million but not greater than 20 million pounds, $200 per million pounds of milk sold below the producer price for amounts greater than 20 million but not greater than 50 million pounds, and $100 per million pounds of milk sold below the producer price for amounts greater than 50 million pounds but not greater than 90 million pounds.
In order to qualify for the credit, the dairy farm must possess a Grade A permit issued by VDACS and must have voluntarily implemented (i) a nutrient management plan that has been approved by, or is currently being reviewed by, the Department of Conservation and Recreation or (ii) a resource management plan and been certified as having implemented the plan by, or be in the process of having such plan reviewed by, the Department of Conservation and Recreation or a local soil and water conservation district.
The bill requires the Tax Commissioner, in consultation with the Department of Agriculture and the Department of Conservation and Recreation, to establish guidelines for claiming the credit. The credit shall be nonrefundable and any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The credit expires beginning with taxable year 2024.
FULL TEXT
AMENDMENTS
HISTORY
- 01/14/19 House: Presented and ordered printed 19102787D
- 01/14/19 House: Referred to Committee on Finance
- 01/18/19 House: Assigned Finance sub: Subcommittee #3
- 02/05/19 House: Left in Finance