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2015 SESSION

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HB 1879 Coalfield employment enhancement; coal tax credits.

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

SUMMARY AS PASSED:

Coal tax credits. Limits the aggregate amount of credits that may be allocated or claimed for the coal employment and production incentive tax credit to $7.5 million. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of credits earned in a taxable year exceeds $7.5 million, the Department of Taxation shall apportion the credits on a pro rata basis. The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable year 2019. This bill is identical to SB 1161.

SUMMARY AS PASSED HOUSE:

Coal tax credits. Limits the amount of the credit that may be claimed for the coal employment and production incentive tax credit to $500,000 per return. The bill also reduces the tax credit from $3 per ton of coal purchased and consumed by an electricity generator to $2 per ton. The bill also limits the credits that may be transferred by an electricity generator to the dollar amount of credits transferred by that electricity generator in taxable year 2012. Any unused tax credits may be carried forward for 5 taxable years. However, any coal employment and production incentive tax credit earned prior to January 1, 2015, may be carried forward for the 12 taxable years following the year in which the credit was earned.

The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable year 2018.

The provisions of the bill would become effective for taxable years beginning on and after January 1, 2015.

SUMMARY AS INTRODUCED:

Coalfield employment enhancement tax credit; expiration. Extends the expiration date of the credit from January 1, 2017, to January 1, 2022.