VA HB870 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in committee
Action: 2014-12-04 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 8 2014 - 25% progression, died in committee
Action: 2014-12-04 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
New infrastructure investment tax credit. Creates an income tax credit beginning in taxable year 2014 for any business that places into service new infrastructure for its own use. Infrastructure eligible for the credit would include broadband infrastructure, transmission lines, gas lines, private roadways, computerized ports, and water and sewer infrastructure. The amount of the credit would be 25 percent of the expenses incurred by the business in placing the new infrastructure into service. If, however, the new infrastructure is placed into service in conjunction with a public highway or road construction or improvement project, the credit would equal 35 percent of the infrastructure expenses incurred by the business. A business would be limited to $50,000 in tax credits for each taxable year. Also, there is a cap of $2.5 million on the aggregate amount of credits that may be issued in any fiscal year. Unused tax credits could be carried forward for five taxable years.
Title
New infrastructure; tax credit for certain investment.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2014-12-04 | House | Left in Finance |
2014-01-27 | House | Continued to 2015 in Finance by voice vote |
2014-01-24 | House | Subcommittee recommends continuing to 2015 by voice vote |
2014-01-22 | House | Assigned Finance sub: Subcommittee #3 |
2014-01-08 | House | Referred to Committee on Finance |
2014-01-08 | House | Prefiled and ordered printed; offered 01/08/14 14102265D |
Code Citations
Virginia State Sources
Type | Source |
---|---|
Summary | https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB870 |
Text | https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB870+hil |