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2020 SESSION

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SB 591 Gasification facilities and pyrolysis facilities; economic development incentives.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Economic development incentives for gasification facilities and pyrolysis facilities. The bill provides that gasification facilities and pyrolysis facilities, defined in the bill, shall be eligible for grants from the Commonwealth's Development Opportunity Fund under the minimum investment and job creation criteria for grants from the Fund, which under current law are a $1.5 million investment and 15 new jobs.

SUMMARY AS INTRODUCED:

Tax and economic development incentives for gasification facilities and pyrolysis facilities. Establishes tax and economic development incentives for gasification facilities and pyrolysis facilities, defined in the bill. The bill provides that, for the first five years of operation, such facilities shall be exempt from income tax and shall be exempt from sales tax for their purchases of certain machinery, equipment, and raw materials. The bill provides that such facilities shall be eligible for grants from the Commonwealth's Development Opportunity Fund under the minimum investment and job creation criteria for grants from the Fund, which under current law are a $1.5 million investment and 15 new jobs.