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1999 SESSION
992670755Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 58.1-439.11 as follows:
§ 58.1-439.11. Tax credit for purchase of Virginia natural gas.
For tax years beginning on and after January 1, [ 2000 2001 ] , every
corporation in the Commonwealth doing the business of furnishing water, heat, light
or power to the Commonwealth or its citizens [ , directly or indirectly ]
, whether by means of electricity, gas or steam, shall be allowed additional
credit against the tax imposed by § 58.1-400 or § 58.1-2626 in the following
amount: 16.75 cents per thousand cubic feet of gas purchased by such corporation,
provided such gas was Virginia natural gas as certified by the seller of such gas.
[ In no event shall the credit allowed hereunder exceed the total amount
of tax liability of such taxpayer. Any tax credit not usable for the taxable year
may be carried over to the extent usable for the next five succeeding taxable years
or until the full credit is utilized, whichever is sooner. ]