Virginia House Bill 480 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 8 2016 - 25% progression, died in committee
Action: 2016-02-17 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Renewable energy property tax credit. Establishes beginning in 2016 a tax credit for renewable energy property placed in service. The bill defines renewable energy property as certain biomass equipment that uses renewable biomass resources, combined heat and power systems using waste heat to produce electricity or thermal or mechanical energy, certain geothermal equipment, hydroelectric generators located at existing dams or in free-flowing waterways, solar energy equipment, and wind equipment that is required to capture and convert wind energy into electricity or mechanical power. The credit would equal 35 percent of the installed cost of the renewable energy property. However, the aggregate amount of credit allowed to each person for placing into service renewable energy property during the taxable year would not exceed the lesser of (i) 50 percent of the amount of the state corporate income tax, license tax on certain public utility companies, or license tax on insurance companies imposed upon the person for the year or (ii) $15,000. Only the ultimate consumer or user of the renewable energy property would be allowed to claim the credit. The credit would be required to be claimed in five equal annual installments beginning with the taxable year in which the property was placed in service. The credit would expire and no further credit could be claimed if the renewable energy property was disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years. The Department of Taxation would issue the tax credits. The Department would be authorized to issue $5 million in tax credits each fiscal year. Any unused credit could be carried forward for five taxable years. The credit would sunset in 2021.

Renewable energy property; tax credit for placing into service.

Del. Richard Sullivan [D]

Del. Kenneth Plum [D]

Date	Chamber	Action
2016-02-17	House	Left in Finance
2016-01-29	House	Subcommittee recommends laying on the table by voice vote
2016-01-19	House	Assigned Finance sub: Subcommittee #3
2016-01-08	House	Referred to Committee on Finance
2016-01-08	House	Prefiled and ordered printed; offered 01/13/16 16100848D

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+HB480
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB480+hil