SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2021 SPECIAL SESSION I

  • | print version

HB 1899 Coal tax credits; sunset date.

Introduced by: Sally L. Hudson | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Sunset of coal tax credits. Sunsets the Coal Employment and Production Incentive Tax Credit and Coalfield Employment Enhancement Tax Credit after tax year 2021 and prohibits the allocation of such credits on and after January 1, 2022. The bill provides that if Coal Employment and Production Incentive tax credits were earned prior to January 1, 2022, the credit holder may claim the credits in subsequent tax years pursuant to the applicable carryover requirements of current law; however, such credit holders would be limited to claiming $1 million in carryover credits per taxable year. The bill directs the Department of Mines, Minerals and Energy to convene a stakeholder process to report by December 1, 2021, on recommendations for how the Commonwealth can provide economic transition support to the coalfield region. This bill is identical to SB 1252.

SUMMARY AS INTRODUCED:

Sunset of coal tax credits. Sunsets the Coal Employment and Production Incentive Tax Credit and Coalfield Employment Enhancement Tax Credit after tax year 2020 and prohibits the allocation of such credits on and after January 1, 2021. The bill provides that if credits were earned prior to January 1, 2021, the credit holder may claim the credits in subsequent tax years pursuant to the applicable carryover requirements of current law; however, such credit holders would be limited to claiming $1 million in carryover credits per taxable year.