Virginia House Bill 870 (Prior Session Legislation)

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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]

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.

New infrastructure; tax credit for certain investment.

Del. David Yancey [R]

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

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?151+sum+HB870
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB870+hil