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1998 SESSION
SB 312 Tax credits for machinery, etc., for processing recyclable materials.
Introduced by: Richard J. Holland | 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, 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 to corporations making such an investment between January 1, 1998, and January 1, 2003. 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.
FULL TEXT
- 01/20/98 Senate: Presented & ordered printed 985374805 pdf
- 02/19/98 Senate: Printed as engrossed 985374805-E pdf
AMENDMENTS
HISTORY
- 01/20/98 Senate: Presented & ordered printed 985374805
- 01/20/98 Senate: Referred to Committee on Finance
- 02/17/98 Senate: Reported from Finance with amendments (17-Y 0-N)
- 02/18/98 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/18/98 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/19/98 Senate: Read second time
- 02/19/98 Senate: Reading of amendments waived
- 02/19/98 Senate: Committee amendments agreed to
- 02/19/98 Senate: Engrossed by Senate as amended
- 02/19/98 Senate: Printed as engrossed 985374805-E
- 02/20/98 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/20/98 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/20/98 Senate: Communicated to House
- 02/23/98 House: Placed on Calendar
- 02/24/98 House: Read first time
- 02/24/98 House: Referred to Committee on Finance
- 03/03/98 House: Reported from Finance (24-Y 0-N)
- 03/04/98 House: Read second time
- 03/04/98 House: Constitutional reading dispensed
- 03/04/98 House: Motion to rerefer to committee agreed to
- 03/04/98 House: Rereferred to Finance
- 03/10/98 House: No action taken by Finance by voice vote