2025 SESSION
INTRODUCED
25103446D
HOUSE BILL NO. 2408
Offered January 8, 2025
Prefiled January 8, 2025
A BILL to amend and reenact 58.1-438.1 of the Code of Virginia, relating to tax credit for vehicle emissions testing equipment; certain vehicles and refueling property.
PatronGriffin
Committee Referral Pending
Be it enacted by the General Assembly of Virginia:
1. That 58.1-438.1 of the Code of Virginia is amended and reenacted as follows:
58.1-438.1. Tax credit for vehicle emissions testing equipment; certain vehicles and refueling property.
Any corporation, individual or public service corporation shall be allowed a credit against the income or gross receipts taxes imposed by Subtitle I ( 58.1-100 et seq.) and Chapter 26 ( 58.1-2600 et seq.) of Title 58.1 of (i) an amount equal to ten 10 percent of the deduction allowed to such corporation, individual or public service corporation under Section 179A of the Internal Revenue Code for purchases of clean-fuel vehicles principally garaged in Virginia or certain refueling property placed in service in Virginia or ten 10 percent of the costs used to compute the credit under Section 30 of the Internal Revenue Code and, (ii) an amount equal to 10 percent of the purchase price of a vehicle with an internal combustion engine that is principally garaged in Virginia, and (iii) an amount equal to twenty 20 percent of the purchase or lease price paid during the taxable year for equipment certified by the Department of Environmental Quality for vehicle emissions testing, located within, or within any county, city or town adjacent to, any county, city or town wherein implementation of an enhanced vehicle emissions inspection program, as defined in 46.2-1176, is required. Credits granted to a partnership or S corporation shall be passed through to the partners or shareholders, respectively. If the credit exceeds the tax liability in a year, the credit may be carried forward up to five succeeding years.
2. That the provisions of this act shall apply to taxable years beginning on and after January 1, 2025.