Virginia · 2025 Regular Session · Bill
SB 1464: Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 1464 is a bill introduced in the Virginia Senate 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: Dave Marsden (Democratic). Most recent recorded action (January 28, 2025): Passed by indefinitely in Finance and Appropriations (15-Y 0-N).
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
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Dave Marsden | Primary sponsor | Democratic | Senate | 35 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Passed by indefinitely in Finance and Appropriations (15-Y 0-N)
- Impact statement from TAX (SB1464)
- Referred to Committee on Finance and Appropriations
- Presented and ordered printed 25105311D