SENATE BILL 462

File Code: Income Prior Year Introduction As: SB 492/98 - B&T Crossfiled with: HOUSE BILL 528

Sponsored By:

Senators Neall, Dorman, and Ruben

Entitled:

Vehicle Emissions Testing Equipment - State Income Tax Credit

Synopsis:

Allowing a credit against the State income tax for 20% of the costs of equipment placed in service during the taxable year to be used in connection with transient mass-emission repair or testing; allowing unused tax credits to be carried forward for 5 taxable years; applying the Act to tax years after 1997 for equipment placed in service after 1997; and requiring the Department of the Environment to prepare and publish a list of equipment that complies with the requirements of the tax credit on or before December 31, 1999.

History by Legislative Date

Senate Action

2/5

First Reading Budget and Taxation

2/10

Hearing 2/24 at 1:30 p.m.

House Action

No Action

Sponsored by:

Senator Robert R. Neall, District 33

Senator Arthur Dorman, District 21

Senator Ida G. Ruben, District 20

Bill indexed under the following Subjects:

AUTOMOTIVE REPAIR

ENVIRONMENT, DEPARTMENT OF

ENVIRONMENTAL MATTERS -see also- NAT. RESOURCES; POLLUTION

EQUIPMENT -see also- MOTOR VEHICLE EQUIPMENT

INCOME TAX

MOTOR VEHICLE INSPECTION

POLLUTION -see also- SEDIMENT CONTROL

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statute:

Tax - General

( 10-712 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered