Tax credit; agricultural best management practices.

HB 1763 Tax credit; agricultural best management practices

Virginia 2021 Special I

Tax credit; agricultural best management practices.
HB-1763


About HB-1763

Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024.

  

Bill Texts

Chaptered 03/11/2021

Enrolled 02/22/2021

Prefiled 12/21/2020

Comm Sub 01/29/2021

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History

Governor: Acts Of Assembly Chapter Text (chap0039)

03/11/2021

Governor: Approved By Governor-chapter 39 (effective - See Bill)

03/11/2021

Governor: Governor's Action Deadline 11:59 P.m., March 31, 2021

02/25/2021

Enrolled Bill Communicated To Governor On February 25, 2021

02/25/2021

Signed By Speaker

02/24/2021

Signed By President

02/22/2021

Bill Text As Passed House And Senate (hb1763er)

02/22/2021

Enrolled

02/22/2021

Passed By Temporarily

02/18/2021

Placed On Calendar

02/18/2021

Senate Amendments Agreed To By House (100-y 0-n)

02/18/2021

Vote: Adoption (100-y 0-n)

02/18/2021

Passed Senate With Amendments (39-y 0-n)

02/17/2021

Engrossed By Senate As Amended

02/17/2021

Committee Amendment #5 Rejected

02/17/2021

Committee Amendments #'s 1-4 Agreed To

02/17/2021

Reading Of Amendments Waived

02/17/2021

Read Third Time

02/17/2021

Constitutional Reading Dispensed (37-y 0-n)

02/16/2021

Reported From Finance And Appropriations With Amendments (13-y 0-n)

02/16/2021

Continued To 2021 Sp. Sess. 1 In Finance And Appropriations (16-y 0-n)

02/05/2021

Referred To Committee On Finance And Appropriations

02/04/2021

Constitutional Reading Dispensed

02/04/2021

Vote: Block Vote Passage #2 (99-y 0-n)

02/03/2021

Passed House Block Vote (99-y 0-n)

02/03/2021

Reconsideration Of Passage Agreed To By House

02/03/2021

Vote: Block Vote Passage (98-y 0-n 1-a)

02/03/2021

Read Third Time And Passed House Block Vote (98-y 0-n 1-a)

02/03/2021

Read Second Time

02/02/2021

Committee On Finance Amendments Rejected

02/02/2021

Committee On Appropriations Substitute Agreed To 21103947d-h1

02/02/2021

Engrossed By House - Committee Substitute Hb1763h1

02/02/2021

Read First Time

02/01/2021

Committee Substitute Printed 21103947d-h1

01/29/2021

Reported From Appropriations With Substitute (22-y 0-n)

01/29/2021

Subcommittee Recommends Reporting With Substitute (8-y 0-n)

01/29/2021

Assigned App. Sub: Commerce Agriculture & Natural Resources

01/27/2021

Referred To Committee On Appropriations

01/27/2021

Reported From Finance With Amendment(s) (22-y 0-n)

01/27/2021

Subcommittee Recommends Reporting With Amendments (10-y 0-n)

01/26/2021

Assigned Finance Sub: Subcommittee #2

01/16/2021

Prefiled And Ordered Printed; Offered 01/13/21 21100953d

12/21/2020

Referred To Committee On Finance

12/21/2020