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2015 SESSION
HB 1554 Recyclable materials; changes tax credit by extending expiration date to January 1, 2020.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Recyclable materials tax credit. Changes the recyclable materials tax credit by (i) extending the expiration date of the credit by five years to January 1, 2020; (ii) increasing the credit allowed from 10 to 20 percent of the purchase price of qualifying machinery and equipment; (iii) prohibiting denial of the credit based solely on another person's use of tangible personal property produced by the credit applicant from recyclable materials; (iv) clarifying that no credit will be allowed for machinery and equipment that does not manufacture, process, compound, or produce items of tangible personal property from recyclable materials; and (v) establishing an annual cap of $2 million in recyclable materials tax credits that may be issued by the Department of Taxation. The provisions of the bill are effective for taxable years beginning on or after January 1, 2015. This bill is identical to SB 1205.
FULL TEXT
- 01/07/15 House: Prefiled and ordered printed; offered 01/14/15 15101781D pdf | impact statement
- 02/04/15 House: Committee substitute printed 15104100D-H1 pdf | impact statement
- 02/23/15 House: Bill text as passed House and Senate (HB1554ER) pdf | impact statement
- 03/10/15 Governor: Acts of Assembly Chapter text (CHAP0049) pdf
HISTORY
- 01/07/15 House: Prefiled and ordered printed; offered 01/14/15 15101781D
- 01/07/15 House: Referred to Committee on Finance
- 01/20/15 House: Assigned Finance sub: Subcommittee #3
- 01/30/15 House: Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
- 02/04/15 House: Reported from Finance with substitute (18-Y 1-N)
- 02/04/15 House: Committee substitute printed 15104100D-H1
- 02/06/15 House: Read first time
- 02/09/15 House: Read second time
- 02/09/15 House: Committee substitute agreed to 15104100D-H1
- 02/09/15 House: Engrossed by House - committee substitute HB1554H1
- 02/10/15 House: Read third time and passed House (98-Y 2-N)
- 02/10/15 House: VOTE: PASSAGE (98-Y 2-N)
- 02/11/15 Senate: Constitutional reading dispensed
- 02/11/15 Senate: Referred to Committee on Finance
- 02/17/15 Senate: Reported from Finance (13-Y 0-N)
- 02/18/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/18/15 Senate: Read third time
- 02/18/15 Senate: Passed Senate (37-Y 0-N)
- 02/23/15 House: Enrolled
- 02/23/15 House: Bill text as passed House and Senate (HB1554ER)
- 02/23/15 House: Signed by Speaker
- 02/24/15 Senate: Signed by President
- 02/25/15 House: Enrolled Bill communicated to Governor on 2/25/15
- 02/25/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/10/15 Governor: Approved by Governor-Chapter 49 (effective 1/1/15)
- 03/10/15 Governor: Acts of Assembly Chapter text (CHAP0049)