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HB1018

Energy storage system; establishes tax credit.

Status:
Killed

Chief Patron:
David Toscano (D)

Session:
2018 Regular Session

Summary

As Introduced. Energy storage system tax credit

. Establishes for taxable years 2018 through 2022 an income tax credit for a taxpayer's expenditures on an energy storage system. The bill defines energy storage system and provides that the credit shall not exceed the lesser of (i) $5,000 for a system on residential property or $75,000 for a system on commercial property, (ii) 30 percent of the system's total installed cost, or (iii) the taxpayer's tax liability. The bill directs the Department of Mines, Minerals, and Energy (the Department) to establish a process whereby taxpayers apply for certification that their expenditures are eligible for the credit. The bill limits the Department to issuing no more than $750,000 of tax credits, in aggregate, during a taxable year and directs the Department to approve credits in the order received. The bill prohibits taxpayers from carrying forward unused credit to later taxable years. (Less)

  • Bill History

  • 01/09/2018 - House: Prefiled and ordered printed; offered 01/10/18 18102227D
  • 01/09/2018 - House: Referred to Committee on Finance
  • 01/23/2018 - House: Impact statement from TAX (HB1018)
  • 01/25/2018 - House: Assigned Finance sub: Subcommittee #3
  • 02/02/2018 - House: Subcommittee recommends reporting with amendment (7-Y 1-N)
  • 02/07/2018 - House: Reported from Finance with amendments (21-Y 1-N)
  • 02/07/2018 - House: Referred to Committee on Appropriations
  • 02/13/2018 - House: Left in Appropriations

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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