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2011 SESSION

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SB 1282 Income tax, state; barge and rail usage tax credit.

Introduced by: Jeffrey L. McWaters | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Income tax; barge and rail usage tax credit.  Grants an income tax credit for the usage of barge and rail to move cargo containers throughout the Commonwealth rather than trucks or other motor vehicles on the Commonwealth's highways. The amount of the credit is $25 per 20-foot equivalent unit (TEU) moved by barge or rail.  The credit will be available for taxable years beginning on January 1, 2011, but before January 1, 2015.  The Tax Commissioner would be allowed to issue up to $1.5 million in tax credits in a fiscal year.


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