SB1470
Coal tax; limits aggregate amount of credits that may be allocated or claimed for employment, etc.
Summary
As Passed House of Origin. Coal tax credits.
Reinstates the Virginia coal employment and production incentive tax credit. The credit, which expired on July 1, 2016, could be earned on and after January 1, 2017, but before January 1, 2022. The bill limits the aggregate amount of credits that may be allocated or claimed for the coal employment ... (More) and production incentive tax credit in each fiscal year to $7.3 million. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of credits earned in a taxable year exceeds $7.3 million, the Department of Taxation shall apportion the credits on a pro rata basis. The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable years beginning before January 1, 2022. This bill is identical to HB 2198. (Less)-
Bill History
- 01/16/2017 - Senate: Presented and ordered printed 17103387D
- 01/16/2017 - Senate: Referred to Committee on Finance
- 01/24/2017 - Senate: Impact statement from TAX (SB1470)
- 01/31/2017 - Senate: Reported from Finance with amendment (11-Y 4-N)
- 02/01/2017 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2017 - Senate: Read second time
- 02/02/2017 - Senate: Reading of amendment waived
- 02/02/2017 - Senate: Committee amendment agreed to
- 02/02/2017 - Senate: Engrossed by Senate as amended SB1470E
- 02/02/2017 - Senate: Printed as engrossed 17103387D-E
- 02/03/2017 - Senate: Read third time and passed Senate (25-Y 15-N) Close Floor Vote
- 02/08/2017 - House: Placed on Calendar
- 02/08/2017 - House: Read first time
- 02/08/2017 - House: Referred to Committee on Finance
- 02/09/2017 - Senate: Impact statement from TAX (SB1470E)
- 02/13/2017 - House: Reported from Finance (15-Y 6-N)
- 02/14/2017 - House: Read second time
- 02/15/2017 - House: Read third time
- 02/15/2017 - House: Passed House (68-Y 29-N 1-A)
- 02/15/2017 - House: VOTE: PASSAGE (68-Y 29-N 1-A)
- 02/17/2017 - Senate: Enrolled
- 02/17/2017 - Senate: Bill text as passed Senate and House (SB1470ER)
- 02/17/2017 - House: Signed by Speaker
- 02/18/2017 - Senate: Impact statement from TAX (SB1470ER)
- 02/20/2017 - Senate: Signed by President
- 02/21/2017 - Senate: Enrolled Bill Communicated to Governor on 2/21/17
- 02/21/2017 - Governor: Governor's Action Deadline Midnight, March 27, 2017
- 03/13/2017 - Governor: Vetoed by Governor
- 04/05/2017 - Senate: Senate sustained Governor's veto (24-Y 16-N) Close Floor Vote
- 04/05/2017 - Senate: Requires 27 affirmative votes to override veto
