2004 Session

Budget Amendments - SB30 (Committee Approved)

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Tax Credits for Exported Cigarettes (language only)

Item 286 #1s

Item 286 #1s

Taxation, Department of

Page 214, after line 29, insert:
"H.  Notwithstanding § 58.1-439.12:01 D of Senate Bill 537 (2004 Session), the department is authorized to prorate, with no repayment necessary in succeeding fiscal years, the amount of award each eligible corporation receives to match the maximum allocation of tax credits stipulated in § 58.1-439.12:01 C of Senate Bill 537."

(This amendment authorizes the Department of Taxation to prorate tax credits for cigarettes manufactured and exported in a given year if there is an oversubscription of tax credits in that year. The amendment also declares that in such situations the amount of the unawarded tax credit shall not be paid in future years.)