Virginia House Bill 592 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-11-22 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax credit; conversion to employee ownership. Creates a nonrefundable, one-time individual and corporate income tax credit for an eligible business that (i) transfers whole or partial ownership to employees in the form of a worker cooperative, an employee stock ownership plan, an employee ownership trust, an employee equity grant program, or an employee stock purchase plan or (ii) is conducting a feasibility study for a transition to such employee ownership models. The credit is available for taxable years 2022 through 2026, is equal to up to $5,000 per eligible business that transfers ownership to employees or incurs costs for conducting a feasibility study for transferring ownership to employees during the taxable year, and includes an aggregate annual cap of $5 million.

Income tax, state and corporate; conversion to employee ownership.

Del. Nadarius Clark [D]

Del. Michelle Maldonado [D]

Del. Sam Rasoul [D]

Date	Chamber	Action
2022-11-22	House	Left in Finance
2022-01-26	House	Continued to 2023 in Finance by voice vote
2022-01-24	House	Subcommittee recommends continuing to 2023 by voice vote
2022-01-20	House	Assigned Finance sub: Subcommittee #1
2022-01-11	House	Referred to Committee on Finance
2022-01-11	House	Prefiled and ordered printed; offered 01/12/22 22101806D

HB592 (Carry Over) 2022-01-26 - Continued to 2023 in Finance by voice vote

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?231+sum+HB592
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB592+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+HB592F161+PDF