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2021 SPECIAL SESSION I
SB 1162 Tax credit; agricultural best management practices.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024. This bill is identical to HB 1763.
FULL TEXT
- 01/08/21 Senate: Prefiled and ordered printed; offered 01/13/21 21100999D pdf | impact statement
- 02/03/21 Senate: Committee substitute printed 21104366D-S1 pdf | impact statement
- 02/17/21 Senate: Bill text as passed Senate and House (SB1162ER) pdf | impact statement
- 03/11/21 Governor: Acts of Assembly Chapter text (CHAP0040) pdf
AMENDMENTS
HISTORY
- 01/08/21 Senate: Prefiled and ordered printed; offered 01/13/21 21100999D
- 01/08/21 Senate: Referred to Committee on Finance and Appropriations
- 02/03/21 Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 02/03/21 Senate: Committee substitute printed 21104366D-S1
- 02/03/21 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/04/21 Senate: Read second time
- 02/04/21 Senate: Reading of substitute waived
- 02/04/21 Senate: Committee substitute agreed to 21104366D-S1
- 02/04/21 Senate: Engrossed by Senate - committee substitute SB1162S1
- 02/04/21 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/04/21 Senate: Passed Senate (39-Y 0-N)
- 02/07/21 House: Placed on Calendar
- 02/07/21 House: Read first time
- 02/07/21 House: Referred to Committee on Finance
- 02/08/21 House: Continued to Special Session 1 in Finance by voice vote
- 02/10/21 House: Reported from Finance (22-Y 0-N)
- 02/12/21 House: Read second time
- 02/15/21 House: Read third time
- 02/15/21 House: Passed House (98-Y 0-N 2-A)
- 02/15/21 House: VOTE: Passage (98-Y 0-N 2-A)
- 02/17/21 Senate: Enrolled
- 02/17/21 Senate: Bill text as passed Senate and House (SB1162ER)
- 02/17/21 Senate: Signed by President
- 02/18/21 House: Signed by Speaker
- 02/22/21 Senate: Enrolled Bill Communicated to Governor on February 22, 2021
- 02/22/21 Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021
- 03/11/21 Governor: Approved by Governor-Chapter 40 (effective - see bill)
- 03/11/21 Governor: Acts of Assembly Chapter text (CHAP0040)