All Roll Calls
Yes: 7 • No: 0
VirginiaHB27402025 Regular SessionHouse
Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials.
Sponsored By: Alfonso H. Lopez (Democratic)
Failed
Summary
Tax credit; purchase of asphalt recycling equipment for reprocessing existing asphalt materials from pavements and roadways; report. Creates a nonrefundable tax credit for taxable years 2025 and 2026 in an amount equal to 20 percent of the purchase price, as defined in the bill, paid during the taxable year for asphalt recycling equipment. The bill defines asphalt recycling equipment as machinery and equipment that is used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways in the Commonwealth and that has been certified by the Department of Environmental Quality as being integral to the recycling process. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation, and an annual cap of 40 percent of the taxpayer's liability for taxes for any taxable year. Any credit not used for the taxable year in which the purchase price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used. Finally, the bill requires the Department of Taxation, in consultation with the Department of Environmental Quality and the Department of Transportation, to submit a report to the Chairmen of the House Committee on Finance and Senate Committee on Finance and Appropriations no later than December 1, 2025, on the number of claims for such credit and any impact to environmental quality and pavement performance resulting from the use of asphalt recycling equipment.
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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
House vote • 1/28/2025
Subcommittee recommends laying on the table
Yes: 7 • No: 0
Actions Timeline
Left in Finance
2/4/2025HouseSubcommittee recommends laying on the table (7-Y 0-N)
1/28/2025HouseImpact statement from TAX (HB2740)
1/26/2025HouseAssigned Finance sub: Subcommittee #2
1/24/2025HouseReferred to Committee on Finance
1/17/2025HousePresented and ordered printed 25105072D
1/17/2025House
Bill Text
Substitute
1/28/2025
Introduced
1/17/2025
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