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2024 SESSION

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24104254D
HOUSE BILL NO. 1527 Offered January 19, 2024 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.15, relating to electric vehicle charging equipment tax credit. ---------- Patron-- Cordoza ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.15 as follows:

§ 58.1-339.15. Tax credit for electric vehicle charging equipment.

A. For the purposes of this section:

"Allowable costs" means costs incurred by the eligible taxpayer for the costs of installation and any permitting or inspection fees associated with the purchase and installation of electric vehicle charging equipment.

"Electric vehicle charging equipment" means AC Level 2 or DC Level 3 electric vehicle charging equipment.

"Eligible taxpayer" means a taxpayer who owns and operates a gasoline station and incurs allowable costs as part of operating such gasoline station.

B. For taxable years beginning on and after January 1, 2024, but before January 1, 2029, an eligible taxpayer shall be allowed a nonrefundable credit against the tax levied pursuant to § 58.1-320 or 58.1-400 for the amount of allowable costs incurred by the taxpayer in the taxable year. The credit shall extend for five years in the amounts provided in subsection C. However, no taxpayer shall be eligible to claim a credit under this section more than once in any five-year period.

C. 1. For the first year of the credit, the amount of the credit shall be 100 percent of the allowable costs incurred by the taxpayer in the taxable year or $5,000, whichever is less.

2. For the subsequent four years of the credit, the amount of the credit shall be one percent of the allowable costs incurred by the taxpayer in the taxable year.

D. The amount of the credit that may be claimed in any single taxable year shall not exceed the eligible taxpayer's liability for taxes imposed by this chapter for that taxable year. If the amount of the credit allowed under this section exceeds the eligible taxpayer's tax liability for the taxable year in which the credit was earned, the amount that exceeds the tax liability may be carried over for credit against the income taxes of the eligible taxpayer in the next five taxable years or until the total amount of the tax credit has been taken, whichever is sooner.

E. The Tax Commissioner shall develop guidelines for claiming the credit provided by this section. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).