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2006 SESSION

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HB 1043 Coal; tax credits for production and use.

Introduced by: Terry G. Kilgore | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Coal tax credits.  Provides that the $3-per-ton coal employment and production incentive tax credit may be allocated amongst coal producers and electricity generators. The allocation would be pursuant to a contract between such parties. Any amount allocated to a coal producer could be used as credit against the corporate income tax or any other tax imposed by the Commonwealth.  Credits on or after January 1, 2006, and prior to July 1, 2011, that exceed the taxpayer's tax liability could be redeemed by the Tax Commissioner.  Finally, the carryover period is extended from five to 10 years. This bill is identical to SB 365.


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