HB 554 Tax credits for machinery, etc. for processing recyclable materials.
Jay W. DeBoer | all patrons    ...    notes
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Summary:
Tax credits for machinery and equipment for processing recyclable materials. Establishes a corporate income tax credit equal to 10 percent of the purchase price paid in any taxable year for machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. If the corporation has made a $350 million investment in the Commonwealth before January 1, 2003, the amount of the credit allowed in any taxable year is capped at 60 percent of the taxpayer's tax liability, and unused credits may be carried forward for 20 years. This credit is available for taxable years beginning on and after January 1, 1998. A corporation is not eligible for both this tax credit and the existing tax credit for purchases of machinery and equipment used in facilities which manufacture items of personal property from recyclable materials. The existing tax credit, which is limited to 40 percent of the taxpayer's tax liability and has a 10-year carry-forward, is renumbered in the Code.

Full text:
01/20/98  House: Presented & ordered printed 985375805  pdf
02/19/98  House: Printed as engrossed 985375805-E  pdf
03/05/98  House: Bill text as passed House and Senate (HB554ER)  pdf
04/14/98  Governor: Acts of Assembly Chapter text (CHAP0253)  pdf

Amendments:
House amendments

Status:
01/20/98  House: Presented & ordered printed 985375805
01/20/98  House: Referred to Committee on Finance
01/22/98  House: Assigned to Finance sub-committee: 2
02/17/98  House: Reported from Finance with amds. (24-Y 0-N)
02/18/98  House: Read first time
02/19/98  House: Read second time
02/19/98  House: Committee amendments agreed to
02/19/98  House: Engrossed by House as amended
02/19/98  House: Printed as engrossed 985375805-E
02/20/98  House: Read third time and passed House (94-Y 2-N)
02/20/98  House: VOTE: PASSAGE (94-Y 2-N)
02/20/98  House: Communicated to Senate
02/23/98  Senate: Constitutional reading dispensed
02/23/98  Senate: Referred to Committee on Finance
02/25/98  Senate: Reported from Finance (17-Y 0-N)
02/26/98  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
02/26/98  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
02/27/98  Senate: Read third time
02/27/98  Senate: Passed Senate (39-Y 0-N)
02/27/98  Senate: VOTE: PASSAGE R (39-Y 0-N)
03/05/98  House: Bill text as passed House and Senate (HB554ER)
03/11/98  House: Enrolled
03/11/98  House: Signed by Speaker
03/12/98  Senate: Signed by President
04/07/98  Governor: Approved by Governor-Chapter 253 (effective 7/1/98)
04/14/98  Governor: Acts of Assembly Chapter text (CHAP0253)