Language Page 564, after line 21, insert:"§3-5.24 RETAIL SALES AND USE TAX EXEMPTION FOR CERTAIN DRILLING EQUIPMENTNotwithstanding any other provision of law or regulation, the retail sales and use tax exemption provided for in subdivision 12 of § 58.1-609.3 of the Code of Virginia, applicable to raw materials, fuel, power, energy, supplies, machinery or tools or repair parts therefor or replacements thereof, used directly in the drilling, extraction, or processing of natural gas or oil and the reclamation of the well area shall remain in effect through July 1, 2023."
Page 564, after line 21, insert:
"§3-5.24 RETAIL SALES AND USE TAX EXEMPTION FOR CERTAIN DRILLING EQUIPMENT
Notwithstanding any other provision of law or regulation, the retail sales and use tax exemption provided for in subdivision 12 of § 58.1-609.3 of the Code of Virginia, applicable to raw materials, fuel, power, energy, supplies, machinery or tools or repair parts therefor or replacements thereof, used directly in the drilling, extraction, or processing of natural gas or oil and the reclamation of the well area shall remain in effect through July 1, 2023."
Explanation
(This amendment extends until July 1, 2023 the sales tax exemption provided for certain drilling equipment used in the extraction and processing of natural gas and oil. The Code section sunsets July 1, 2022. The extension has no revenue impact as the official revenue forecast assumes the continuation of the tax exemption.)