Virginia House Bill 1063 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in chamber
Action: 2014-01-27 - Stricken from docket by Finance by voice vote
Text: Latest bill text (Introduced) [HTML]

Renewable energy property tax credits. Establishes beginning with taxable year 2014 tax credits for placing into service biomass, geothermal, hydroelectric, solar photovoltaic, solar thermal, and wind systems (renewable energy property). The credit would equal 40 percent of the costs paid or incurred to place the renewable energy property into service, not to exceed $3 million for any individual piece of renewable energy property placed into service. The bill provides that credits in excess of $250,000 would be allowed in three equal taxable year installments. The amount of tax credits otherwise allowed would be proportionally reduced to reflect any public grants, bonds, or other public moneys used in funding the renewable energy property. The Department of Mines, Minerals and Energy would administer the tax credit program. The Department would be authorized to issue up to $100 million in renewable energy property tax credits each fiscal year. The bill would allow the tax credits to be carried forward for five taxable years or to be transferred or assigned to other persons for use.

Renewable energy property; tax credits for installing.

Del. Ron Villanueva [R]

Date	Chamber	Action
2014-01-27	House	Stricken from docket by Finance by voice vote
2014-01-08	House	Referred to Committee on Finance
2014-01-08	House	Presented and ordered printed 14101623D

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?141+sum+HB1063
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1063+hil