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2021 SESSION

• | print version

HB 1763 Agricultural best management practices; creates an enhanced individual/corporate income tax credit.

Introduced by: Tony O. Wilt | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit beginning in taxable year 2021 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 50 percent credits. The aggregate per taxpayer amount of credit claimed shall not exceed $75,000. The total combined amount of credits shall not exceed $2 million annually.

FULL TEXT

• 12/21/20  House: Prefiled and ordered printed; offered 01/13/21 21100953D  pdf | impact statement
• 01/29/21  House: Committee substitute printed 21103947D-H1  pdf

AMENDMENTS

• House subcommittee amendments and substitutes offered
• House subcommittee amendments and substitutes adopted
• House committee amendments reported
• House amendments not adopted

HISTORY

• 12/21/20  House: Prefiled and ordered printed; offered 01/13/21 21100953D
• 12/21/20  House: Referred to Committee on Finance
• 01/16/21  House: Assigned Finance sub: Subcommittee #2
• 01/26/21  House: Subcommittee recommends reporting with amendments (10-Y 0-N)
• 01/27/21  House: Reported from Finance with amendment(s) (22-Y 0-N)
• 01/27/21  House: Referred to Committee on Appropriations
• 01/27/21  House: Assigned App. sub: Commerce Agriculture & Natural Resources
• 01/29/21  House: Subcommittee recommends reporting with substitute (8-Y 0-N)
• 01/29/21  House: Reported from Appropriations with substitute (22-Y 0-N)
• 01/29/21  House: Committee substitute printed 21103947D-H1
• 02/01/21  House: Read first time
• 02/02/21  House: Read second time
• 02/02/21  House: Committee on Finance amendments rejected
• 02/02/21  House: Committee on Appropriations substitute agreed to 21103947D-H1
• 02/02/21  House: Engrossed by House - committee substitute HB1763H1
• 02/03/21  House: Read third time and passed House BLOCK VOTE (98-Y 0-N 1-A)
• 02/03/21  House: VOTE: Block Vote Passage (98-Y 0-N 1-A)
• 02/03/21  House: Reconsideration of passage agreed to by House
• 02/03/21  House: Passed House BLOCK VOTE (99-Y 0-N)
• 02/03/21  House: VOTE: Block Vote Passage #2 (99-Y 0-N)
• 02/04/21  Senate: Constitutional reading dispensed
• 02/04/21  Senate: Referred to Committee on Finance and Appropriations
• 02/05/21  Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)