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2016 SESSION

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SB 718 Coal tax; limits aggregate amount of credits.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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 years beginning before January 1, 2021. This bill was incorporated into SB 44.


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