SB 508 Income tax credit for machinery processing recyclable materials.
Stephen D. Newman | all patrons    ...    notes
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Summary as introduced:
Income tax credit for purchase of machinery and equipment for processing recyclable materials. Extends the current credit for the purchase of machinery and equipment used in a recycling business to include machinery and equipment that is not physically located in or on the premises of manufacturing facilities. Current law provides an income tax credit for the cost of machinery and equipment that is physically located in manufacturing facilities and that is used to manufacture, process, compound, or produce goods from recyclable materials (the credit may not exceed 40 percent of the corporation's Virginia income tax liability). This bill allows the credit for machinery and equipment located off-site of the corporation's manufacturing facilities provided that (i) the corporation owns, leases, or uses manufacturing facilities within the Commonwealth that manufacture, process, compound, or produce goods from recyclable materials, (ii) the machinery and equipment is used exclusively within the Commonwealth, and (iii) the machinery and equipment is integral to the recycling process

The bill provides that its provisions are declaratory of existing law.

Full text:
01/09/02  Senate: Presented & ordered printed, prefiled 01/09/02 023001504  pdf | impact statement

Status:
01/09/02  Senate: Presented & ordered printed, prefiled 01/09/02 023001504
01/09/02  Senate: Referred to Committee on Finance
02/05/02  Senate: Continued to 2003 in Finance (15-Y 0-N)
12/09/02  Senate: Left in Finance