Bill Text: VA HB246 | 2012 | Regular Session | Chaptered

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Bill Title: Legislation; prohibits any committee of General Assembly from reporting new state tax credit, etc.

Spectrum: Bipartisan Bill

Status: (Passed) 2012-03-20 - Governor: Acts of Assembly Chapter text (CHAP0265) [HB246 Detail]

Download: Virginia-2012-HB246-Chaptered.html

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CHAPTER 265 An Act to amend the Code of Virginia by adding a section numbered 30-19.1:11, relating to sunsets and review of tax credits. [H 246] Approved March 20, 2012

 

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding a section numbered 30-19.1:11 as follows:

§30-19.1:11. Legislation that creates or renews tax credits.

No bill proposing to add a new state tax credit or renew an existing state tax credit shall be reported from any committee of the General Assembly unless such bill contains an expiration date of not longer than five years from the effective date of the new or renewed state tax credit.