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HB1763

Tax credit; agricultural best management practices.

Status:
Passed

Chief Patron:
Tony Wilt (R)

Session:
2021 Regular Session

Summary

As Passed Both Chambers. 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 SB 1162. (Less)

  • Bill History

  • 12/21/2020 - House: Prefiled and ordered printed; offered 01/13/21 21100953D
  • 12/21/2020 - House: Referred to Committee on Finance
  • 01/16/2021 - House: Assigned Finance sub: Subcommittee #2
  • 01/16/2021 - House: Impact statement from TAX (HB1763)
  • 01/26/2021 - House: House subcommittee amendments and substitutes offered
  • 01/26/2021 - House: Subcommittee recommends reporting with amendments (10-Y 0-N)
  • 01/27/2021 - House: Reported from Finance with amendment(s) (22-Y 0-N)
  • 01/27/2021 - House: Referred to Committee on Appropriations
  • 01/27/2021 - House: Assigned App. sub: Commerce Agriculture & Natural Resources
  • 01/29/2021 - House: House subcommittee amendments and substitutes offered
  • 01/29/2021 - House: Subcommittee recommends reporting with substitute (8-Y 0-N)
  • 01/29/2021 - House: Reported from Appropriations with substitute (22-Y 0-N)
  • 01/29/2021 - House: Committee substitute printed 21103947D-H1
  • 02/01/2021 - House: Read first time
  • 02/02/2021 - House: Read second time
  • 02/02/2021 - House: Committee on Finance amendments rejected
  • 02/02/2021 - House: Committee on Appropriations substitute agreed to 21103947D-H1
  • 02/02/2021 - House: Engrossed by House - committee substitute HB1763H1
  • 02/03/2021 - House: Read third time and passed House BLOCK VOTE (98-Y 0-N 1-A)
  • 02/03/2021 - House: VOTE: Block Vote Passage (98-Y 0-N 1-A)
  • 02/03/2021 - House: Reconsideration of passage agreed to by House
  • 02/03/2021 - House: Passed House BLOCK VOTE (99-Y 0-N)
  • 02/03/2021 - House: VOTE: Block Vote Passage #2 (99-Y 0-N)
  • 02/04/2021 - Senate: Constitutional reading dispensed
  • 02/04/2021 - Senate: Referred to Committee on Finance and Appropriations
  • 02/05/2021 - Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)
  • 02/15/2021 - House: Impact statement from TAX (HB1763H1)
  • 02/16/2021 - Senate: Senate committee, floor amendments and substitutes offered
  • 02/16/2021 - Senate: Senate committee, floor amendments and substitutes offered
  • 02/16/2021 - Senate: Reported from Finance and Appropriations with amendments (13-Y 0-N)
  • 02/16/2021 - Senate: Constitutional reading dispensed (37-Y 0-N)
  • 02/17/2021 - Senate: Read third time
  • 02/17/2021 - Senate: Reading of amendments waived
  • 02/17/2021 - Senate: Committee amendments #'s 1-4 agreed to
  • 02/17/2021 - Senate: Committee amendment #5 rejected
  • 02/17/2021 - Senate: Engrossed by Senate as amended
  • 02/17/2021 - Senate: Passed Senate with amendments (39-Y 0-N)
  • 02/18/2021 - House: Placed on Calendar
  • 02/18/2021 - House: Passed by temporarily
  • 02/18/2021 - House: Senate amendments agreed to by House (100-Y 0-N)
  • 02/18/2021 - House: VOTE: Adoption (100-Y 0-N)
  • 02/22/2021 - House: Enrolled
  • 02/22/2021 - House: Bill text as passed House and Senate (HB1763ER)
  • 02/22/2021 - Senate: Signed by President
  • 02/24/2021 - House: Signed by Speaker
  • 02/25/2021 - House: Enrolled Bill communicated to Governor on February 25, 2021
  • 02/25/2021 - Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021
  • 03/08/2021 - House: Impact statement from TAX (HB1763ER)
  • 03/11/2021 - Governor: Approved by Governor-Chapter 39 (effective - see bill)
  • 03/11/2021 - Governor: Acts of Assembly Chapter text (CHAP0039)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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