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1995 SESSION

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HB 2575 Coal industry tax credits.

Introduced by: Jackie T. Stump | all patrons    ...    notes | add to my profiles

SUMMARY:

Coal employment enhancement tax credit. Provides a choice of tax credits for the coal industry based on the seam size for underground mining, and a smaller tax credit for surface mining. A tax credit is also provided for coalbed methane gas production. Taxpayers begin to accrue the credit for tax years beginning on and after January 1, 1996, and may take the credit on their tax returns beginning January 1, 1999, but only one year of credits is allowed annually. Taxpayers may take only one of the credits. The tax credits may be redeemable by the Tax Commissioner for 95 percent of their face value, or may be transferred by sale if the Tax Commissioner does not redeem the tax credits. No credit may be taken unless general fund revenue in fiscal year 1997-98 exceeds the official estimate of general fund revenue by at least the cost of the credits. The bill also creates a tax credit of three dollars per ton of coal mined in Virginia purchased by steam producers. The new tax credits expire in 2001. The sunset date for the cogenerators tax credit ( 58.1-433) is extended until 2001. The measure also directs the Virginia Port Authority to study the effect of the tax credit on the Ports of Hampton Roads.


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