VA HB926 | 2020 | Regular Session

Status

Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on January 7 2020 - 25% progression
Action: 2020-01-20 - Subcommittee recommends laying on the table (6-Y 3-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 beginning on or after January 1, 2020, but before January 1, 2025, 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 credit shall not exceed $500 annually for each such employee. If the recipient receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the credit shall not exceed $1,000 annually for each such employee. The total amount of tax credits available for a calendar year shall not exceed $5 million. Any unused tax credit may be carried over for three years.

Tracking Information

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Title

Income tax, state; credit for employer contributions to Virginia College Savings Plan accounts.

Sponsors


Roll Calls

2020-01-20 - House - House: Subcommittee recommends laying on the table (6-Y 3-N) (Y: 6 N: 3 NV: 2 Abs: 0) [PASS]

History

DateChamberAction
2020-01-20HouseSubcommittee recommends laying on the table (6-Y 3-N)
2020-01-14HouseAssigned Finance sub: Subcommittee #1
2020-01-07HouseReferred to Committee on Finance
2020-01-07HousePrefiled and ordered printed; offered 01/08/20 20104095D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581439.12:13(n/a)See Bill Text

Virginia State Sources


Bill Comments

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