Virginia House Bill 1146 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 7 2020 - 25% progression, died in committee
Action: 2020-02-11 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax credit; existing business growth. Provides a nonrefundable income tax credit equal to five percent of total corporate income taxes owed by certain small businesses in existence for at least two years that reach new full-time employee hiring thresholds during two-year qualifying periods. The credit is available for taxable years 2020 through 2039 and is awarded for the taxable year during which each qualifying period ends. Existing businesses qualify for the tax credit on the basis of their size during the qualifying period. The credit may be claimed only once in each qualifying period. Businesses claiming the credit may carry over unused credit for the next five taxable years or until the total amount of the credit has been taken, whichever occurs first.

Income tax, state; credit for existing business growth.

Del. William Wampler [R]

Date	Chamber	Action
2020-02-11	House	Left in Finance
2020-01-29	House	Assigned Finance sub: Subcommittee #1
2020-01-07	House	Referred to Committee on Finance
2020-01-07	House	Prefiled and ordered printed; offered 01/08/20 20103534D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1146
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1146+hil