SB 312 Tax credits for machinery, etc., for processing recyclable materials.
Richard J. Holland | all patrons    ...    notes
| add to my profiles

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, 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 to corporations making such an investment between January 1, 1998, and January 1, 2003. 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  Senate: Presented & ordered printed 985374805  pdf
02/19/98  Senate: Printed as engrossed 985374805-E  pdf

Amendments:
Senate amendments

Status:
01/20/98  Senate: Presented & ordered printed 985374805
01/20/98  Senate: Referred to Committee on Finance
02/17/98  Senate: Reported from Finance with amendments (17-Y 0-N)
02/18/98  Senate: Constitutional reading dispensed (40-Y 0-N)
02/18/98  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/19/98  Senate: Read second time
02/19/98  Senate: Reading of amendments waived
02/19/98  Senate: Committee amendments agreed to
02/19/98  Senate: Engrossed by Senate as amended
02/19/98  Senate: Printed as engrossed 985374805-E
02/20/98  Senate: Read third time and passed Senate (40-Y 0-N)
02/20/98  Senate: VOTE: PASSAGE R (40-Y 0-N)
02/20/98  Senate: Communicated to House
02/23/98  House: Placed on Calendar
02/24/98  House: Read first time
02/24/98  House: Referred to Committee on Finance
03/03/98  House: Reported from Finance (24-Y 0-N)
03/04/98  House: Read second time
03/04/98  House: Constitutional reading dispensed
03/04/98  House: Motion to rerefer to committee agreed to
03/04/98  House: Rereferred to Finance
03/10/98  House: No action taken by Finance by voice vote