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1998 SESSION
HB 554 Tax credits for machinery, etc. for processing recyclable materials.
Introduced by: Jay W. DeBoer | all patrons ... notes | add to my profiles
SUMMARY:
Tax credits for machinery and equipment for processing recyclable materials. Establishes a corporate income tax credit equal to 10 percent of the purchase price paid in any taxable year for machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. If the corporation has made a $350 million investment in the Commonwealth before January 1, 2003, the amount of the credit allowed in any taxable year is capped at 60 percent of the taxpayer's tax liability, and unused credits may be carried forward for 20 years. This credit is available for taxable years beginning on and after January 1, 1998. A corporation is not eligible for both this tax credit and the existing tax credit for purchases of machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. The existing tax credit, which is limited to 40 percent of the taxpayer's tax liability and has a 10-year carry-forward, is renumbered in the Code.
FULL TEXT
- 01/20/98 House: Presented & ordered printed 985375805 pdf
- 02/19/98 House: Printed as engrossed 985375805-E pdf
- 03/05/98 House: Bill text as passed House and Senate (HB554ER) pdf
- 04/14/98 Governor: Acts of Assembly Chapter text (CHAP0253) pdf
AMENDMENTS
HISTORY
- 01/20/98 House: Presented & ordered printed 985375805
- 01/20/98 House: Referred to Committee on Finance
- 01/22/98 House: Assigned to Finance sub-committee: 2
- 02/17/98 House: Reported from Finance with amds. (24-Y 0-N)
- 02/18/98 House: Read first time
- 02/19/98 House: Read second time
- 02/19/98 House: Committee amendments agreed to
- 02/19/98 House: Engrossed by House as amended
- 02/19/98 House: Printed as engrossed 985375805-E
- 02/20/98 House: Read third time and passed House (94-Y 2-N)
- 02/20/98 House: VOTE: PASSAGE (94-Y 2-N)
- 02/20/98 House: Communicated to Senate
- 02/23/98 Senate: Constitutional reading dispensed
- 02/23/98 Senate: Referred to Committee on Finance
- 02/25/98 Senate: Reported from Finance (17-Y 0-N)
- 02/26/98 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/26/98 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/27/98 Senate: Read third time
- 02/27/98 Senate: Passed Senate (39-Y 0-N)
- 02/27/98 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 03/05/98 House: Bill text as passed House and Senate (HB554ER)
- 03/11/98 House: Enrolled
- 03/11/98 House: Signed by Speaker
- 03/12/98 Senate: Signed by President
- 04/07/98 Governor: Approved by Governor-Chapter 253 (effective 7/1/98)
- 04/14/98 Governor: Acts of Assembly Chapter text (CHAP0253)