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1998 SESSION

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HB 513 Income tax credit for purchase of waste motor oil burning equipment.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY:

Income tax credit for purchase of waste motor oil burning equipment. Establishes a credit against individual and corporate income tax liability for any taxpayer for 50 percent of the purchase price of equipment used to burn waste motor oil. To be eligible for the credit, the taxpayer must operate a business within Virginia which accepts waste motor oil from the public. The maximum amount of the credit that can be claimed in any year is $5,000.


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