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2021 SPECIAL SESSION I
SB 1163 Agricultural equipment; establishes a refundable individual and corporate income tax credit.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Tax credits of agricultural equipment. Establishes for taxable years 2021 through 2025 a refundable individual and corporate income tax credit for 25 percent of expenditures, up to a maximum of $17,500, made for the purchase of conservation tillage and precision agriculture equipment certified by the Virginia Soil and Water Conservation Board as reducing soil compaction or improving precision of pesticide and fertilizer application or injection. The bill expires the existing individual and corporate income tax credits for conservation tillage equipment and purchase of advanced technology pesticide and fertilizer application equipment after taxable year 2020. Under current law, an individual or corporate taxpayer is allowed nonrefundable credits of up to $4,000 for conservation tillage equipment purchases and up to $3,750 for advanced technology pesticide and fertilizer application equipment purchases, which credits may be carried over for five years.
FULL TEXT
- 01/08/21 Senate: Prefiled and ordered printed; offered 01/13/21 21102051D pdf | impact statement
- 02/04/21 Senate: Printed as engrossed 21102051D-E pdf | impact statement
- 02/24/21 Senate: Bill text as passed Senate and House (SB1163ER) pdf | impact statement
- 03/18/21 Governor: Acts of Assembly Chapter text (CHAP0272) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
- House amendments adopted
- House amendments engrossed
- Senate amendments
HISTORY
- 01/08/21 Senate: Prefiled and ordered printed; offered 01/13/21 21102051D
- 01/08/21 Senate: Referred to Committee on Finance and Appropriations
- 02/03/21 Senate: Reported from Finance and Appropriations with amendments (16-Y 0-N)
- 02/03/21 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/04/21 Senate: Read second time
- 02/04/21 Senate: Reading of amendments waived
- 02/04/21 Senate: Committee amendments agreed to
- 02/04/21 Senate: Engrossed by Senate as amended SB1163E
- 02/04/21 Senate: Printed as engrossed 21102051D-E
- 02/04/21 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/04/21 Senate: Passed Senate (39-Y 0-N)
- 02/07/21 House: Placed on Calendar
- 02/07/21 House: Read first time
- 02/07/21 House: Referred to Committee on Finance
- 02/08/21 House: Continued to Special Session 1 in Finance by voice vote
- 02/09/21 House: Assigned Finance sub: Subcommittee #2
- 02/11/21 House: Subcommittee recommends reporting with amendments (10-Y 0-N)
- 02/15/21 House: Reported from Finance with amendment(s) (22-Y 0-N)
- 02/17/21 House: Read second time
- 02/18/21 House: Read third time
- 02/18/21 House: Committee amendments agreed to
- 02/18/21 House: Engrossed by House as amended
- 02/18/21 House: Passed House with amendments BLOCK VOTE (100-Y 0-N)
- 02/18/21 House: VOTE: Block Vote Passage (100-Y 0-N)
- 02/19/21 Senate: House amendments agreed to by Senate (38-Y 0-N)
- 02/24/21 Senate: Enrolled
- 02/24/21 Senate: Bill text as passed Senate and House (SB1163ER)
- 02/24/21 Senate: Signed by President
- 02/25/21 House: Signed by Speaker
- 02/26/21 Senate: Enrolled Bill Communicated to Governor on February 26, 2021
- 02/26/21 Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021
- 03/18/21 Governor: Approved by Governor-Chapter 272 (effective 7/1/21)
- 03/18/21 Governor: Acts of Assembly Chapter text (CHAP0272)