HB2198
Coal tax; limits aggregate amount of credits that may be allocated or claimed for employment, etc.
Summary
As Passed House of Origin. Coal tax credits.
Reinstates the Virginia coal employment and production incentive tax credit. The credit, which expired on July 1, 2016, could be earned on and after January 1, 2017, but before January 1, 2022. The bill limits the aggregate amount of credits that may be allocated or claimed for the coal employment ... (More) and production incentive tax credit in each fiscal year to $7.3 million. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of credits earned in a taxable year exceeds $7.3 million, the Department of Taxation shall apportion the credits on a pro rata basis. The bill also extends the sunset date of the coalfield employment enhancement tax credit through taxable years beginning before January 1, 2022. This bill is identical to SB 1470. (Less)-
Bill History
- 01/11/2017 - House: Prefiled and ordered printed; offered 01/11/17 17103048D
- 01/11/2017 - House: Referred to Committee on Finance
- 01/24/2017 - House: Impact statement from TAX (HB2198)
- 01/30/2017 - House: Reported from Finance with substitute (15-Y 6-N)
- 01/30/2017 - House: Committee substitute printed 17104757D-H1
- 01/31/2017 - House: Read first time
- 02/01/2017 - House: Read second time
- 02/01/2017 - House: Committee substitute agreed to 17104757D-H1
- 02/01/2017 - House: Engrossed by House - committee substitute HB2198H1
- 02/02/2017 - House: Read third time and passed House (65-Y 29-N 1-A)
- 02/02/2017 - House: VOTE: PASSAGE (65-Y 29-N 1-A)
- 02/03/2017 - Senate: Constitutional reading dispensed
- 02/03/2017 - Senate: Referred to Committee on Finance
- 02/07/2017 - House: Impact statement from TAX (HB2198H1)
- 02/08/2017 - Senate: Reported from Finance (10-Y 4-N)
- 02/09/2017 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/2017 - Senate: Read third time
- 02/10/2017 - Senate: Passed Senate (24-Y 15-N) Close Floor Vote
- 02/14/2017 - House: Enrolled
- 02/14/2017 - House: Bill text as passed House and Senate (HB2198ER)
- 02/14/2017 - House: Signed by Speaker
- 02/15/2017 - Senate: Signed by President
- 02/15/2017 - House: Enrolled Bill communicated to Governor on 2/15/17
- 02/15/2017 - Governor: Governor's Action Deadline Midnight, February 22, 2017
- 02/17/2017 - House: Impact statement from TAX (HB2198ER)
- 02/21/2017 - Governor: Vetoed by Governor
- 02/23/2017 - House: Passed by until Wednesday, April 5, 2017
- 04/05/2017 - House: Placed on Calendar
- 04/05/2017 - House: House sustained Governor's veto (65-Y 33-N 1-A)
- 04/05/2017 - House: VOTE: OVERRIDE GOVERNOR'S VETO (65-Y 33-N 1-A) Close Floor Vote
- 04/05/2017 - House: (67 affirmative votes required to override)
