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2020 SESSION
SB 590 Advanced recycling; incentives in income tax, sales tax, and machinery and tools tax, taxable years.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Advanced recycling; incentives in income tax, sales tax, and machinery and tools tax. Postpones from 2020 to 2025 the sunset date of the income tax credit for purchase of equipment for processing recyclable materials. Starting in taxable year 2020, the bill makes eligible for the credit purchases of equipment used in advanced recycling, defined in the bill.
The bill provides that certain machinery, tools, and materials used in advanced recycling shall be exempt from sales tax. Starting in taxable year 2021, the bill provides that such machinery, tools, and materials shall be segregated and classified as machinery and tools, which are taxed at a lower rate than the generally applicable personal property tax rate. This bill incorporates SB 789.
FULL TEXT
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20101453D pdf | impact statement
- 01/30/20 Senate: Committee substitute printed 20107050D-S1 pdf | impact statement
- 02/27/20 Senate: Bill text as passed Senate and House (SB590ER) pdf | impact statement
- 04/07/20 Governor: Acts of Assembly Chapter text (CHAP0789) pdf
HISTORY
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20101453D
- 01/07/20 Senate: Referred to Committee on Finance and Appropriations
- 01/30/20 Senate: Reported from Finance and Appropriations with substitute (11-Y 0-N)
- 01/30/20 Senate: Incorporates SB789 (Lewis)
- 01/30/20 Senate: Committee substitute printed 20107050D-S1
- 02/03/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/20 Senate: Read second time
- 02/04/20 Senate: Reading of substitute waived
- 02/04/20 Senate: Committee substitute agreed to 20107050D-S1
- 02/04/20 Senate: Engrossed by Senate - committee substitute SB590S1
- 02/05/20 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/12/20 House: Placed on Calendar
- 02/12/20 House: Read first time
- 02/12/20 House: Referred to Committee on Finance
- 02/13/20 House: Assigned Finance sub: Subcommittee #1
- 02/17/20 House: Subcommittee recommends reporting (9-Y 0-N)
- 02/19/20 House: Reported from Finance (20-Y 2-N)
- 02/21/20 House: Read second time
- 02/24/20 House: Read third time
- 02/24/20 House: Passed House (87-Y 12-N)
- 02/24/20 House: VOTE: Passage (87-Y 12-N)
- 02/27/20 Senate: Enrolled
- 02/27/20 Senate: Bill text as passed Senate and House (SB590ER)
- 02/27/20 Senate: Signed by President
- 02/27/20 House: Signed by Speaker
- 03/10/20 Senate: Enrolled Bill Communicated to Governor on March 10, 2020
- 03/10/20 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
- 04/07/20 Governor: Approved by Governor-Chapter 789 (effective - see bill)
- 04/07/20 Governor: Acts of Assembly Chapter text (CHAP0789)