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2013 SESSION

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HB 1767 Machinery and Equipment Donation Grant Program; established.

Introduced by: Michael B. Watson | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Grants for donation of machinery and equipment to certain schools; fund established. Establishes a fund for a grant program for business donations of new machinery and equipment, purchased within the last 12 months by the business, to Virginia's community colleges and vocational schools. The machinery and equipment are to be principally used in Virginia in teaching or training students of the donee community college or vocational school, and the recipient community college or school must certify that the machinery or equipment was needed. The grant would equal 20 percent of the purchase price paid by the business for the machinery and equipment. However, a business would not be allowed more than an aggregate of $5,000 of grants in any year for such donations. The bill is contingent upon funding in a general appropriation act passed by the 2013 Session of the General Assembly, which becomes law.

SUMMARY AS PASSED HOUSE:

Income tax credit; donation of machinery and equipment to certain schools. Establishes an individual and corporate income tax credit beginning January 1, 2013, for business donations of new machinery and equipment, purchased within the last 12 months by the business, to Virginia's community colleges and vocational schools. The machinery and equipment are to be principally used in Virginia in teaching or training students of the donee community college or vocational school. The credit would equal 20 percent of the purchase price paid by the business for the machinery and equipment. However, a business would not be allowed more than an aggregate of $5,000 of tax credit in any year for such donations. The Department of Taxation would administer the tax credit program and would be prohibited from issuing more than $1 million in tax credits in any fiscal year of the Commonwealth. Any unused credit would be available to be carried forward for five years. The credit would sunset on December 31, 2017.

SUMMARY AS INTRODUCED:

Income tax credit; donation of machinery and equipment to certain schools. Establishes an individual and corporate income tax credit beginning January 1, 2013, for business donations of machinery and equipment to Virginia's community colleges and vocational schools. The machinery and equipment are to be principally used in Virginia in teaching or training students of the donee community college or vocational school. The credit would equal 20 percent of the purchase price paid by the business for the machinery and equipment. However, a business would not be allowed more than an aggregate of $5,000 of tax credit in any year for such donations.

The credit would sunset on December 31, 2017. Any unused credit would be available to be carried forward for five years.