SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2024 SESSION
HB 1524 Mobile machinery and equipment; tax credit for purchase.
Introduced by: Alfonso H. Lopez | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Tax credit for purchase of mobile machinery and equipment used by road contractors for processing recyclable asphalt materials on pavements and roadways. Creates a nonrefundable tax credit for taxable years 2025 through 2029 in an amount equal to 20 percent of the purchase price paid, as defined in the bill, during the taxable year for machinery and equipment used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways. The bill requires a taxpayer to submit invoices with an income tax return verifying the amount of purchase price paid for such machinery and equipment. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation. Any credit not used for the taxable year in which the purchasing price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used.
FULL TEXT
HISTORY
- 01/19/24 House: Presented and ordered printed 24102343D
- 01/19/24 House: Referred to Committee on Finance
- 02/02/24 House: Assigned Finance sub: Subcommittee #1
- 02/05/24 House: Subcommittee recommends continuing to 2025 by voice vote
- 02/07/24 House: Continued to 2025 in Finance by voice vote