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2020 SESSION

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HB 126 Aquaculture oyster floats; tax credit for purchase of floats.

Introduced by: Jason S. Miyares | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credit for purchase of aquaculture oyster floats. Establishes an individual nonrefundable income tax credit for taxable years beginning on or after January 1, 2020, but before January 1, 2025, for the purchase price of aquaculture oyster floats purchased during the taxable year. The amount of credit allowed under this section shall not exceed $500. The total amount of tax credits available under this section for a calendar year shall not exceed $50,000. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the aquaculture oyster floats were purchased, the amount that exceeds the tax liability may be carried over for credit against the income taxes of the taxpayer in the next five taxable years.


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