Fabio
7.2 KiB
type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
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| Bill | Tax credit; agricultural best management practices. | Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024. | us/states/va | Virginia General Assembly | 2021 | SB 1162 | Virginia SB 1162 (2021) |
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enacted |
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4 | 32 | 7 | 2021-01-08 | 2021-03-11 | openstates | ocd-bill/24567433-4025-445b-a9b7-01f382ec59d5 | https://lis.virginia.gov/cgi-bin/legp604.exe?212+sum+SB1162 | 19577596eca74eceb1b6382ee5b6656944044cb35787adb2d07c0b4b9a2fbdc5 | 2026-07-01 | https://data.openstates.org/daily/2026-07-01/public.pgdump | 2026-07-06 | reported |
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Virginia SB 1162 (2021) — Tax credit; agricultural best management practices.
Tax credit; agricultural best management practices. Creates an enhanced individual and corporate income tax credit for taxable years 2021 through 2024 for the implementation of certain agricultural best management practices by the taxpayer that are required as part of a certified resource management plan. The enhanced tax credit is equal to 50 percent of the first $100,000 expended in implementing certain agricultural best management practices, and each amount shall be consistent with the rate offered for each eligible practice under the Virginia Agricultural Best Management Practices Cost-Share Program. The bill retains a tax credit for 25 percent of expenses made for all other agricultural best management practices that are not eligible for the enhanced credit rate, but increases the maximum amount of expenses to which one can apply the 25 percent credit from $70,000 to $100,000. A taxpayer may not claim credit for the same practice in the same management area under both the 25 percent and enhanced 75 percent credits. The aggregate amount of credit claimed per taxpayer shall not exceed $75,000 per year, and the aggregate amount of individual and corporate credits claimed among all taxpayers and credits shall not exceed $2 million per year. The bill sunsets the existing agricultural best management practices tax credits after taxable year 2024.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
- CHAP0040 (committee substitute) — source
- Committee substitute printed 21104366D-S1 (committee substitute) — source
- Prefiled and ordered printed; offered 01/13/21 21100999D (committee substitute) — source
- SB1162ER (committee substitute) — source
Votes
- Reported from Finance and Appropriations with substitute (16-Y 0-N) — 16–0 (pass) · upper
- VOTE: Passage (98-Y 0-N 2-A) — 97–0 (pass) · lower
- Passed Senate (39-Y 0-N) — 39–0 (pass) · upper
- Reported from Finance (22-Y 0-N) — 22–0 (pass) · lower
- Constitutional reading dispensed (39-Y 0-N) — 39–0 (pass) · upper
- Continued to Special Session 1 in Finance — 0–0 (fail) · lower
- Constitutional reading dispensed (38-Y 0-N) — 38–0 (pass) · upper
Sponsors
- Emmett W. Hanger, Jr. — primary (person)
- G. "John" Avoli — cosponsor (person)
- Lynwood W. Lewis, Jr. — cosponsor (person)
- T. Montgomery "Monty" Mason — cosponsor (person)
Timeline
The legislative action history — every referral, reading, and vote.
- 2021-01-08 Prefiled and ordered printed; offered 01/13/21 21100999D
introduction - 2021-01-08 Referred to Committee on Finance and Appropriations
referral-committee - 2021-01-22 Impact statement from TAX (SB1162)
- 2021-02-02 Senate committee, floor amendments and substitutes offered
- 2021-02-02 Senate committee, floor amendments and substitutes offered
- 2021-02-03 Senate committee, floor amendments and substitutes offered
- 2021-02-03 Reported from Finance and Appropriations with substitute (16-Y 0-N)
committee-passage - 2021-02-03 Committee substitute printed 21104366D-S1
substitution - 2021-02-03 Constitutional reading dispensed (39-Y 0-N)
- 2021-02-04 Read second time
reading-2 - 2021-02-04 Reading of substitute waived
- 2021-02-04 Committee substitute agreed to 21104366D-S1
- 2021-02-04 Engrossed by Senate - committee substitute SB1162S1
- 2021-02-04 Constitutional reading dispensed (38-Y 0-N)
- 2021-02-04 Passed Senate (39-Y 0-N)
passage - 2021-02-07 Placed on Calendar
- 2021-02-07 Read first time
reading-1 - 2021-02-07 Referred to Committee on Finance
referral-committee - 2021-02-08 Continued to Special Session 1 in Finance
- 2021-02-10 Impact statement from TAX (SB1162S1)
- 2021-02-10 Reported from Finance (22-Y 0-N)
committee-passage - 2021-02-12 Read second time
reading-2 - 2021-02-15 Read third time
reading-3 - 2021-02-15 Passed House (98-Y 0-N 2-A)
passage - 2021-02-15 VOTE: Passage (98-Y 0-N 2-A)
- 2021-02-17 Enrolled
- 2021-02-17 Signed by President
- 2021-02-18 Signed by Speaker
- 2021-02-22 Enrolled Bill Communicated to Governor on February 22, 2021
- 2021-02-22 Governor's Action Deadline 11:59 p.m., March 31, 2021
- 2021-03-01 Impact statement from TAX (SB1162ER)
- 2021-03-11 Approved by Governor-Chapter 40 (effective - see bill)
executive-signature
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/24567433-4025-445b-a9b7-01f382ec59d5. Confidence: reported (aggregated from official Virginia legislature records).