HB2740
Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials.
Summary
As Introduced. Tax credit; purchase of asphalt recycling equipment for reprocessing existing asphalt materials from pavements and roadways; report.
Creates a nonrefundable tax credit for taxable years 2025 and 2026 in an amount equal to 20 percent of the purchase price, as defined in the bill, paid during the taxable year for asphalt recycling equipment. The bill defines asphalt recycling equipment as machinery and equipment that is used to ... (More) reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways in the Commonwealth and that has been certified by the Department of Environmental Quality as being integral to the recycling process. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation, and an annual cap of 40 percent of the taxpayer's liability for taxes for any taxable year. Any credit not used for the taxable year in which the purchase price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used. (Less)-
Bill History
- 01/17/2025 - House: Presented and ordered printed 25105072D
- 01/17/2025 - House: Referred to Committee on Finance
- 01/24/2025 - House: Assigned Finance sub: Subcommittee #2
- 01/25/2025 - House: Placed on Finance Agenda
- 01/26/2025 - House: Impact statement from TAX (HB2740)
- 01/28/2025 - House: Subcommittee recommends laying on the table (7-Y 0-N)
- 02/04/2025 - House: Left in Finance
