Virginia House Bill 1050 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on January 13 2016 - 25% progression, died in chamber
Action: 2016-02-08 - Stricken from docket by Finance by voice vote
Text: Latest bill text (Prefiled) [HTML]

Solar thermal system tax credit. Establishes beginning in 2016 an individual and corporate income tax credit for solar energy space heating, water heating, space cooling, and industrial or commercial process heating systems placed in service. The credit would equal 30 percent of the installed cost of the system and only the ultimate consumer or user of the system would be allowed to claim the credit. The credit would not exceed (i) $500,000 for solar energy systems placed in service for any purpose other than use for a single-family dwelling or placed in service and having in excess of 120 square feet of collector area or (ii) $2,500 for every other solar energy system placed in service. The credit for solar energy systems serving other than a single-family dwelling would be claimed in three equal annual installments. The credit would expire and no further credit could be claimed if the solar energy system is disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years. Under the bill, any unused credit could be carried forward for three taxable years. The credit program would sunset in 2021.

Solar thermal system tax credit.

Del. Sam Rasoul [D]

Del. James Edmunds [R]

Del. Kenneth Plum [D]

Date	Chamber	Action
2016-02-08	House	Stricken from docket by Finance by voice vote
2016-02-05	House	Subcommittee recommends striking from docket by voice vote
2016-01-19	House	Assigned Finance sub: Subcommittee #3
2016-01-13	House	Referred to Committee on Finance
2016-01-13	House	Prefiled and ordered printed; offered 01/13/16 16103055D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:11	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB1050
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB1050+hil