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2017 Session

Budget Amendments - SB900 (Member Request)

Chief Patron: Sturtevant
Create/Change Caps for the Historic Rehabilitation, Land Preservation, and Research and Development Expenses Tax Credits (language only)

Item 3-5.20 #2s

Item 3-5.20 #2s

Adjustments and Modifications to Tax Collections
Secretary of Finance

Language

Page 532, after line 21, insert:

"§ 3-5.20 LIMITATION ON INCOME TAX CREDIT AWARDS

A. Notwithstanding §  58.1-339.2 or any other provision of law, effective with taxable years beginning on or after January 1, 2017, the total amount of Historic Rehabilitation Tax Credits that may be granted for each fiscal year beginning with fiscal year 2018 shall not exceed $80,000,000.

B. Notwithstanding § 58.1-512 or any other provision of law, effective with taxable years beginning on or after January 1, 2017, the total amount of Land Preservation Tax Credits that may be granted for each fiscal year beginning with fiscal year 2018 shall not exceed $60,000,000.

C. Notwithstanding §§ 58.1-439.12:08, 58.1-439.12:1 or any other provision of law, effective with taxable years beginning on or after January 1, 2017, the total amount of Research and Development Tax Credits that may be granted for each fiscal year beginning with fiscal year 2018 shall not exceed $23,000,000."



Explanation

(This amendment would place annual caps on the Historic Rehabilitation, Land Preservation, and Research and Development tax credits. The Historic Rehabilitation Tax Credit would be capped at $80 million per year. The Land Preservation Tax Credit would be capped at $60 million per year, and the Research and Development Tax Credit would be capped at $23 million per year. This amendment would increase general fund revenues the second year. The actual revenue impact is to be determined.)