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2020 SESSION
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.
FULL TEXT
HISTORY
- 12/16/19 House: Prefiled and ordered printed; offered 01/08/20 20100857D
- 12/16/19 House: Referred to Committee on Agriculture, Chesapeake and Natural Resources
- 01/15/20 House: Referred from Agriculture, Chesapeake and Natural Resources by voice vote
- 01/15/20 House: Referred to Committee on Finance
- 01/16/20 House: Assigned Finance sub: Subcommittee #1
- 01/20/20 House: Subcommittee recommends laying on the table (7-Y 2-N)
- 02/11/20 House: Left in Finance