SB 539 Coalfield employment enhancement tax credit.
Jackson E. Reasor, Jr. | all patrons    ...    notes
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Summary:
Coalfield employment enhancement tax credit. Increases the tax credit, alters the allocation of the credit among coals mined from seams of different thicknesses, and eliminates the provisions which renders the availability of the tax credit contingent on general fund revenue exceeding the official estimate. The tax credit, available to any person who has an economic interest in coal mined in Virginia, is increased to $1.00 in 1996 and 1997, $1.50 in 1998 and 1999, and $2.00 in 2000 and 2001 for each ton of coal mined from a seam that is thirty-six inches thick or less, and fifty cents in 1996 and 1997, 75 cents in 1998 and 1999, and $1.00 in 2000 and 2001 for each ton of coal mined from a seam that is larger than thirty-six inches. Currently, the amounts are sixty cents per ton of coal mined from a seam that is smaller than thirty-three inches, and fifty cents per ton of coal mined from a seam that is thirty-three inches or larger. The tax credit amount for coal from a surface mine is also amended by the bill, from twenty-five cents per ton to twenty cents per ton sold in 1996 and 1997, thirty cents in 1998 and 1999, and forty cents in 2000 and 2001. Eligibility for the credit will depend on the level of employment maintained by an applicant.

Full text:
01/22/96  Senate: Presented & ordered printed 965501727  pdf

Status:
01/22/96  Senate: Presented & ordered printed 965501727
01/22/96  Senate: Referred to Committee on Finance
02/13/96  Senate: Left in Finance