Virginia House Bill 961 (Prefiled Legislation)

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Spectrum: Partisan Bill (Democrat 7-0)
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-01-31 - Continued to 2025 with amendment(s) in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Virginia local journalism sustainability tax credits. Creates a nonrefundable income tax credit for eligible local newspaper publishers, defined in the bill, for compensation paid to local news journalists. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 10 percent of the actual amounts paid in wages to local news journalists during such taxable year or $5,000 and (ii) in subsequent taxable years, the lesser of five percent of the actual amounts paid in wages to local news journalists during such taxable year or $2,500. The credit includes an aggregate cap of $5 million per taxable year. The bill also creates a nonrefundable income tax credit for eligible small businesses with fewer than 50 employees for certain expenses incurred for local media advertising in a local newspaper or in a broadcast of a local radio or television station. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 80 percent of the actual amounts paid or incurred for qualified local media advertising expenses or $4,000 and (ii) in subsequent taxable years, the lesser of 50 percent of the actual amounts paid or incurred for qualified local media advertising expenses during such taxable year or $2,000. The credit includes an aggregate cap of $10 million per taxable year. Each of the credits may be claimed in taxable years beginning on and after January 1, 2024, but before January 1, 2029.

Income tax, state; Virginia local journalism sustainability credits.

Del. Alfonso Lopez [D]	Del. Dan Helmer [D]	Del. Nadarius Clark [D]	Del. Rozia Henson [D]
Del. Marty Martinez [D]	Del. Sam Rasoul [D]	Del. Shelly Simonds [D]

Date	Chamber	Action
2024-01-31	House	Continued to 2025 with amendment(s) in Finance by voice vote
2024-01-29	House	Subcommittee recommends continuing to 2025 with amendment(s) by voice vote
2024-01-25	House	Assigned Finance sub: Subcommittee #1
2024-01-09	House	Referred to Committee on Finance
2024-01-09	House	Prefiled and ordered printed; offered 01/10/24 24101547D

HB961 (Carry Over) 2024-01-31 - Continued to 2025 with amendment(s) in Finance by voice vote

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:13	(n/a)	See Bill Text
58	1	439.12:14	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?251+sum+HB961
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?251+ful+HB961+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?251+oth+HB961F161+PDF