VA HB1367 | 2023 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on July 18 2022 - 25% progression, died in chamber
Action: 2023-02-03 - Tabled in Appropriations (20-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on July 18 2022 - 25% progression, died in chamber
Action: 2023-02-03 - Tabled in Appropriations (20-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]
Summary
Income tax credit; employer contributions to Virginia College Savings Plan accounts. Provides a nonrefundable income tax credit for taxable years 2023 through 2027 for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the bill specifies that the credit shall not exceed $500 annually for each such employee. If the employee receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the bill specifies that the credit shall not exceed $1,000 annually for each such employee. The bill provides that the total amount of tax credits available for a calendar year shall not exceed $5 million and that any unused tax credit may be carried over for three years.
Title
Income tax, state; tax credit for employer contributions to Virginia College Savings Plan accounts.
Sponsors
Roll Calls
2023-02-03 - House - House: Tabled in Appropriations (20-Y 0-N) (Y: 20 N: 0 NV: 0 Abs: 2) [PASS]
2023-02-01 - House - House: Reported from Finance (19-Y 3-N) (Y: 19 N: 3 NV: 0 Abs: 0) [PASS]
2023-01-27 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2023-02-01 - House - House: Reported from Finance (19-Y 3-N) (Y: 19 N: 3 NV: 0 Abs: 0) [PASS]
2023-01-27 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2023-02-03 | House | Tabled in Appropriations (20-Y 0-N) |
| 2023-02-01 | House | Referred to Committee on Appropriations |
| 2023-02-01 | House | Reported from Finance (19-Y 3-N) |
| 2023-01-27 | House | Subcommittee recommends referring to Committee on Appropriations |
| 2023-01-27 | House | Subcommittee recommends reporting (8-Y 0-N) |
| 2023-01-19 | House | Assigned Finance sub: Subcommittee #3 |
| 2022-07-18 | House | Referred to Committee on Finance |
| 2022-07-18 | House | Prefiled and ordered printed; offered 01/11/23 23100051D |
