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    This document discusses several proposed bills related to taxes in Virginia. It notes that HB1194 increases tax credits for wineries and vineyards to $500,000. HB300/SB354 creates a $200 tax credit per beehive up to $2,400 per taxpayer. HB456/SB404 makes existing tax credits for riparian forest buffers refundable. It opposed HB160 which would increase cigarette taxes and HB419 which would reinstate the estate tax.

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    Update on Tax issues-- Jan. 27, 2012

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    This document discusses several proposed bills related to taxes in Virginia. It notes that HB1194 increases tax credits for wineries and vineyards to $500,000. HB300/SB354 creates a $200 tax credit per beehive up to $2,400 per taxpayer. HB456/SB404 makes existing tax credits for riparian forest buffers refundable. It opposed HB160 which would increase cigarette taxes and HB419 which would reinstate the estate tax.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    12 views1 page

    Taxes

    Uploaded by

    kellypruitt82
    This document discusses several proposed bills related to taxes in Virginia. It notes that HB1194 increases tax credits for wineries and vineyards to $500,000. HB300/SB354 creates a $200 tax credit per beehive up to $2,400 per taxpayer. HB456/SB404 makes existing tax credits for riparian forest buffers refundable. It opposed HB160 which would increase cigarette taxes and HB419 which would reinstate the estate tax.

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    of 1

    *As of Jan.

    27, 2012 Taxes


    HB1194 (Garrett) raises the total annual amount of tax credits available under the farm wineries and vineyards tax credit to $500,000 for tax years beginning on or after January 1, 2012. Virginia Farm Bureau supports this legislation and all incentives for investments in agriculture. HB300/SB354 (Scott, E.T./Deeds) creates a tax credit for new beehives of $200 per hive for registered beekeepers. The bill limits the credit to $2,400 per taxpayer per calendar year. Virginia Farm Bureau supports this legislation and all incentives for investments in agriculture. HB456/SB404 (Ware, R.L./Hanger) makes the existing tax credit for riparian forest buffer protection for waterways refundable. Currently, the tax credit may be carried forward for five taxable years, but is not refundable. Virginia Farm Bureau supports making the tax credit refundable. HB160 (Hope) increases cigarette and other tobacco products tax rates. This raise in taxes has been defeated. Virginia Farm Bureau opposed this bill as well as any other bills that increase taxes on tobacco products. HB 419 (Watts) reinstates the estate tax for persons dying on or after July 1, 2012. Virginia Farm Bureau opposes reinstating the estate tax.

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