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1998 SESSION

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HB 554 Tax credits for machinery, etc. for processing recyclable materials.

Introduced by: Jay W. DeBoer | all patrons    ...    notes | add to my profiles

SUMMARY:

Tax credits for machinery and equipment for processing recyclable materials. Establishes a corporate income tax credit equal to 10 percent of the purchase price paid in any taxable year for machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. If the corporation has made a $350 million investment in the Commonwealth before January 1, 2003, the amount of the credit allowed in any taxable year is capped at 60 percent of the taxpayer's tax liability, and unused credits may be carried forward for 20 years. This credit is available for taxable years beginning on and after January 1, 1998. A corporation is not eligible for both this tax credit and the existing tax credit for purchases of machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. The existing tax credit, which is limited to 40 percent of the taxpayer's tax liability and has a 10-year carry-forward, is renumbered in the Code.


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