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2022 SESSION

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HB 965 Income tax, state; deductions for Energy Star certified water heater.

Introduced by: Kathy K.L. Tran | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia taxable income; deductions; Energy Star certified water heater. Provides a deduction for the purchase of any water heater for residential use that is Energy Star certified equal to the lesser of 20 percent of the actual price paid or $500, beginning in taxable year 2022. The bill limits to taxable years beginning before January 1, 2022, the current provisions allowing individuals to deduct from their taxable personal income an amount equal to 20 percent of the sales taxes paid, up to $500, for an electric heat pump hot water heater that yields an energy factor of at least 1.7 and an advanced gas or oil water heater that has an energy factor of at least 0.65.


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