VirginiaHB15242025 Regular SessionHouse

Mobile machinery and equipment; tax credit for purchase.

Sponsored By: Alfonso H. Lopez (Democratic)

Failed

Summary

Tax credit for purchase of mobile machinery and equipment used by road contractors for processing recyclable asphalt materials on pavements and roadways. Creates a nonrefundable tax credit for taxable years 2025 through 2029 in an amount equal to 20 percent of the purchase price paid, as defined in the bill, during the taxable year for machinery and equipment used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways. The bill requires a taxpayer to submit invoices with an income tax return verifying the amount of purchase price paid for such machinery and equipment. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation. Any credit not used for the taxable year in which the purchasing price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used.

Finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Alfonso H. Lopez

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 0 • No: 0

House vote • 2/7/2024

Continued to 2025 in Finance (Voice Vote)

Yes: 0 • No: 0

House vote • 2/5/2024

Subcommittee recommends continuing to 2025 (Voice Vote)

Yes: 0 • No: 0

Actions Timeline

  1. Left in Finance

    11/18/2024House
  2. Continued to 2025 in Finance (Voice Vote)

    2/7/2024House
  3. Subcommittee recommends continuing to 2025 (Voice Vote)

    2/5/2024House
  4. Impact statement from TAX (HB1524)

    2/4/2024House
  5. Assigned Finance sub: Subcommittee #1

    2/2/2024House
  6. Referred to Committee on Finance

    1/19/2024House
  7. Presented and ordered printed 24102343D

    1/19/2024House

Bill Text

  • Introduced

    1/22/2024

Related Bills

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