Skip to main content
Independent and nonpartisan. SaveYourState is a civic information resource. It is not a government website and is not affiliated with any government agency, party, or campaign.

Virginia · 2025 Regular Session · Bill

HB 2740: Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials.

In committee Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

HB 2740 is a bill introduced in the Virginia House on January 17, 2025. According to its official title, it concerns: Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials. Primary sponsor: Alfonso Lopez (Democratic). Most recent recorded action (February 4, 2025): Left in Finance.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Tax credit; purchase of asphalt recycling equipment for reprocessing existing asphalt materials from pavements and roadways; report. Creates a nonrefundable tax credit for taxable years 2025 and 2026 in an amount equal to 20 percent of the purchase price, as defined in the bill, paid during the taxable year for asphalt recycling equipment. The bill defines asphalt recycling equipment as machinery and equipment that is used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways in the Commonwealth and that has been certified by the Department of Environmental Quality as being integral to the recycling process. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation, and an annual cap of 40 percent of the taxpayer's liability for taxes for any taxable year. Any credit not used for the taxable year in which the purchase price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used. Finally, the bill requires the Department of Taxation, in consultation with the Department of Environmental Quality and the Department of Transportation, to submit a report to the Chairmen of the House Committee on Finance and Senate Committee on Finance and Appropriations no later than December 1, 2025, on the number of claims for such credit and any impact to environmental quality and pavement performance resulting from the use of asphalt recycling equipment.

Sponsors

Sponsors by party (alphabetical): Democratic 1

NameRolePartyChamberDistrict
Alfonso LopezPrimary sponsorDemocraticHouse3

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. Left in Finance
  2. Subcommittee recommends laying on the table (7-Y 0-N)
  3. Impact statement from TAX (HB2740)
  4. Assigned Finance sub: Subcommittee #2
  5. Referred to Committee on Finance
  6. Presented and ordered printed 25105072D

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source