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1997 SESSION

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HB 2192 Income tax; wastewater discharge nutrient reduction tax credit.

Introduced by: Mitchell Van Yahres | all patrons    ...    notes | add to my profiles

SUMMARY:

Income tax; wastewater discharge nutrient reduction tax credit. For taxable years beginning on and after January 1, 1997, allows a one-time tax credit against the tax imposed by §§ 58.1-320 and 58.1-400 to partnerships and corporations that install, contract for or otherwise implement technology that reduces nitrogen and phosphorous content in discharged effluent from an existing wastewater treatment plant in the Potomac watershed that generates in excess of 50,000 gallons of wastewater daily. The credit amount shall be $2.50 for every pound of nitrogen and phosphorous reduction in the annual discharge.


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