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2023 SESSION

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SB 997 Oyster Replenishment Fund; oyster resource user fees to be credited to Fund.

Introduced by: T. Montgomery "Monty" Mason | 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 Shell Waste Diversion Fund; created. Creates the Oyster Shell Waste Diversion Fund for the purpose of diverting oyster shells from landfills and promoting the beneficial reuse of such shells in oyster restoration activities. The Fund shall be administered by the Department of Conservation and Recreation, which shall be authorized to contract with an entity that is exempt from taxation pursuant to § 501(c)(3) of the Internal Revenue Code and is engaged in oyster restoration activities to manage Fund operations consistent with the purposes of the Fund.

SUMMARY AS PASSED SENATE:

Oyster Replenishment Fund; oyster shells; recycling. Adds the recycling of oyster shells to the list of activities eligible to receive funds from the Oyster Replenishment Fund.

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. To qualify for the credit, a taxpayer must donate the oyster shells to either the Virginia Marine Resources Commission or a 501(c)(3) entity engaged in oyster restoration activities. A taxpayer who qualifies for this credit will be allowed a credit of $4.00 per bushel of oyster shells, not to exceed $1,500 per taxpayer in a taxable year. This credit is subject to an aggregate annual cap of $250,000.