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2019 SESSION
SB 1652 Virginia port volume increase tax credit; transfer of credits.
Introduced by: L. Louise Lucas | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia port volume increase tax credit; transfer of credits. Allows a taxpayer granted Virginia port volume increase tax credits to transfer unused credits to another taxpayer. The tax credit may be applied retroactively by the transferee to the date that the credits were originally issued so long as the statute of limitations for filing an amended return has not expired. Any transfer of credits shall occur within one calendar year of the credit holder earning the credit. Only tax credits issued in taxable years beginning on and after January 1, 2018, but before January 1, 2022, shall be transferable.
SUMMARY AS PASSED SENATE:
Virginia port volume increase tax credit; transfer of credits. Allows a taxpayer granted Virginia port volume increase tax credits to transfer unused credits to another taxpayer. The tax credit may be applied retroactively by the transferee to the date that the credits were originally issued so long as the statute of limitations for filing an amended return has not expired. The provisions of the bill are contingent on funding in a general appropriation act.
SUMMARY AS INTRODUCED:
Virginia port volume increase tax credit; transfer of credits. Allows a taxpayer granted Virginia port volume increase tax credits to transfer unused credits to another taxpayer. The tax credit may be applied retroactively by the transferee to the date that the credits were originally issued.