SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2023 SESSION

  • | print version

HB 1438 Oyster Replenishment Fund; oyster resource user fees to be credited to Fund.

Introduced by: Timothy Anderson-Resigned 4/3 | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Oyster Replenishment Fund. Includes the encouragement of oyster shell donations as an authorized use of the Oyster Replenishment Fund. In determining the method of distribution of any funds used for the encouragement of such donations, the Marine Resources Commission shall consider providing grants to persons who appropriately donate oyster shells. The aggregate amount of funds available for such encouragement shall be determined by the Marine Resources Commission and shall not exceed $250,000.

SUMMARY AS PASSED:

Oyster Replenishment Fund. Adds the recycling of oyster shells to the list of activities eligible to receive funds from the Oyster Replenishment Fund. The bill also allows the Fund to be used for the encouragement of oyster shell donations for oyster replenishment projects.

SUMMARY AS PASSED HOUSE:

Oyster shell recycling tax credit. Creates a nonrefundable tax credit for taxable years 2023 through 2027 for a taxpayer engaged in the donation of oyster shells for use in oyster restoration projects. The bill specifies that, in order to qualify for the credit, a taxpayer must donate the oyster shells to a nonprofit entity engaged in oyster restoration activities. A taxpayer who qualifies for the credit created by the bill will be allowed a credit of $4.00 per bushel of oyster shells, not to exceed $1,500 per taxpayer in a taxable year and subject to an aggregate annual cap of $250,000.

SUMMARY AS INTRODUCED:

Oyster shell recycling tax credit. Creates a nonrefundable tax credit for taxable years 2023 through 2027 for a taxpayer engaged in the donation of oyster shells for use in oyster restoration projects. The bill specifies that, in order to qualify for the credit, a taxpayer must donate the oyster shells to either the Virginia Marine Resources Commission or a nonprofit entity engaged in oyster restoration activities. A taxpayer who qualifies for the credit created by the bill will be allowed a credit of $4.00 per bushel of oyster shells, not to exceed $1,500 per taxpayer in a taxable year and subject to an aggregate annual cap of $250,000.