Bill Text: VA SB623 | 2010 | Regular Session | Introduced
Bill Title: Income tax, corporate and individual; green job tax credit.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2010-04-13 - Governor: Acts of Assembly Chapter text (CHAP0722) [SB623 Detail]
Download: Virginia-2010-SB623-Introduced.html
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10104126D Be it enacted by the General Assembly of Virginia: 1. That the Code of Virginia is amended by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:03 as follows: §58.1-439.12:03. Green job creation tax credit. A. For taxable years beginning on or after January 1, 2010, but before January 1, 2015, a taxpayer shall be allowed a credit against the tax levied pursuant to § 58.1-320 or 58.1-400 equal to $500 each taxable year for each new green job created by the taxpayer. The $500 credit shall be first allowed for the taxable year in which the job has been filled for at least one year and for each of the four succeeding taxable years provided the job is continuously filled during the respective taxable year. Each taxpayer qualifying under this section shall be allowed the credit for up to 350 green jobs. B. As used in this section: "Green job" means employment in industries relating to the field of renewable, alternative energies, including the manufacture and operation of products used to generate electricity and other forms of energy from alternative sources that include geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems. The Secretary of Commerce and Trade shall develop a detailed definition and list of jobs that qualify for the credit provided in this section and shall post them on his website. "Job" means full-time employment of an individual for an indefinite duration for whom the taxpayer pays the wages and standard fringe benefits. C. To qualify for the tax credit provided in subsection A, a taxpayer shall demonstrate that the green job was created by the taxpayer, and that such job was continuously filled during the respective taxable year. D. The amount of the credit shall not exceed the total amount of tax imposed by this chapter for the taxable year in which the green job was continuously filled. If the amount of credit allowed exceeds the taxpayer's tax liability for such taxable year, the amount that exceeds the tax liability may be carried over for credit against the income taxes of the taxpayer in the next five taxable years or until the total amount of the tax credit has been taken, whichever is sooner. Credits granted to a partnership, limited liability company, or electing small business corporation (S corporation) shall be allocated to the individual partners, members, or shareholders, respectively, in proportion to their ownership or interest in such business entities. E. If the taxpayer is eligible for the tax credits under this section and creates green jobs in an enterprise zone, as defined in §59.1-539, such taxpayer may also qualify for the benefits under the Enterprise Zone Grant Program (§59.1-538 et seq.).
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