HB 2575 Coal industry tax credits.
Jackie T. Stump | all patrons    ...    notes
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Coal employment enhancement tax credit. Provides a choice of tax credits for the coal industry based on the seam size for underground mining, and a smaller tax credit for surface mining. A tax credit is also provided for coalbed methane gas production. Taxpayers begin to accrue the credit for tax years beginning on and after January 1, 1996, and may take the credit on their tax returns beginning January 1, 1999, but only one year of credits is allowed annually. Taxpayers may take only one of the credits. The tax credits may be redeemable by the Tax Commissioner for 95 percent of their face value, or may be transferred by sale if the Tax Commissioner does not redeem the tax credits. No credit may be taken unless general fund revenue in fiscal year 1997-98 exceeds the official estimate of general fund revenue by at least the cost of the credits. The bill also creates a tax credit of three dollars per ton of coal mined in Virginia purchased by steam producers. The new tax credits expire in 2001. The sunset date for the cogenerators tax credit ( 58.1-433) is extended until 2001. The measure also directs the Virginia Port Authority to study the effect of the tax credit on the Ports of Hampton Roads.

Full text:
01/23/95  House: Presented & ordered printed LD4828176  pdf
02/03/95  House: Committee substitute printed LD3814460-H1  pdf
02/06/95  House: Floor substitute printed LD9747460-H2 (Stump)  pdf
02/15/95  Senate: Committee substitute printed LD3271605-S1  pdf
03/01/95  House: Bill text as passed House and Senate (HB2575ER)  pdf
04/11/95  House: Reenrolled bill text (HB2575ER)  pdf
04/17/95  Governor: Acts of Assembly Chapter text (CHAP0775)  pdf

Governor's recommendation

01/23/95  House: Presented & ordered printed LD4828176
01/23/95  House: Referred to Committee on Finance
01/26/95  House: Assigned to Finance sub-committee: 1
02/03/95  House: Reported from Finance with sub. (21-Y 0-N)
02/03/95  House: Committee substitute printed LD3814460-H1
02/04/95  House: Read first time
02/05/95  House: Passed by for the day
02/06/95  House: Read second time
02/06/95  House: Committee substitute rejected LD3814460-H1
02/06/95  House: Floor substitute agreed to LD9747460-H2 (Stump)
02/06/95  House: Floor substitute printed LD9747460-H2 (Stump)
02/06/95  House: Engrossed by House - fl. sub. LD9747460-H2 (Stump)
02/07/95  House: Read third time and passed House (98-Y 0-N)
02/07/95  House: VOTE: PASSAGE (98-Y 0-N)
02/07/95  House: Communicated to Senate
02/07/95  Senate: Read first time
02/07/95  Senate: Referred to Committee on Finance
02/15/95  Senate: Reported from Finance with substitute (14-Y 0-N)
02/15/95  Senate: Committee substitute printed LD3271605-S1
02/16/95  Senate: Constitutional reading dispensed (38-Y 0-N)
02/16/95  Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
02/17/95  Senate: Read third time
02/17/95  Senate: Reading of substitute waived
02/17/95  Senate: Committee substitute agreed to LD3271605-S1
02/17/95  Senate: Engrossed by Senate - comm. sub. LD3271605-S1
02/17/95  Senate: Passed Senate with substitute (39-Y 0-N)
02/17/95  Senate: VOTE: PASSAGE (39-Y 0-N)
02/20/95  House: Placed on Calendar
02/21/95  House: Senate substitute agreed to by House (99-Y 0-N)
02/21/95  House: VOTE: ADOPTION (99-Y 0-N)
03/01/95  House: Bill text as passed House and Senate (HB2575ER)
03/07/95  House: Enrolled
03/08/95  House: Signed by Speaker
03/10/95  Senate: Signed by President
03/27/95  House: Governor's recommendation received by House
04/06/95  House: House concurred in Gov's recommendation (98-Y 0-N)
04/06/95  House: VOTE: ADOPTION (98-Y 0-N)
04/06/95  Senate: Senate concurred in Gov's recommendation (36-Y 0-N)
04/06/95  Senate: VOTE: ADOPT GOV. RECOMMEND. (36-Y 0-N)
04/06/95  Governor: Governor's recommendation adopted
04/06/95  House: Reenrolled
04/06/95  House: Signed by Speaker as reenrolled
04/06/95  Senate: Signed by President as reenrolled
04/06/95  House: Enacted, Chapter 775 (effective 7/1/95)
04/11/95  House: Reenrolled bill text (HB2575ER)
04/17/95  Governor: Acts of Assembly Chapter text (CHAP0775)