Virginia House Bill 1524 (Prefiled Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 19 2024 - 25% progression
Action: 2024-02-07 - Continued to 2025 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]

Tax credit for purchase of mobile machinery and equipment used by road contractors for processing recyclable asphalt materials on pavements and roadways. Creates a nonrefundable tax credit for taxable years 2025 through 2029 in an amount equal to 20 percent of the purchase price paid, as defined in the bill, during the taxable year for machinery and equipment used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways. The bill requires a taxpayer to submit invoices with an income tax return verifying the amount of purchase price paid for such machinery and equipment. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation. Any credit not used for the taxable year in which the purchasing price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used.

Mobile machinery and equipment; tax credit for purchase.

Del. Alfonso Lopez [D]

Date	Chamber	Action
2024-02-07	House	Continued to 2025 in Finance by voice vote
2024-02-05	House	Subcommittee recommends continuing to 2025 by voice vote
2024-02-02	House	Assigned Finance sub: Subcommittee #1
2024-01-19	House	Referred to Committee on Finance
2024-01-19	House	Presented and ordered printed 24102343D

HB1524 (Carry Over) 2024-02-07 - Continued to 2025 in Finance by voice vote

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.7:1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?251+sum+HB1524
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?251+ful+HB1524+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?251+oth+HB1524F161+PDF