SB117: Income tax and sales and use tax; credit and exemption for telecommunications service providers.

Chief Patron

Sen. John Edwards (D-21)

John Edwards (D-21)
Served: 1996–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

01/03/2008: In Finance Committee

View Entire History

Summary

Income tax and sales and use tax; credit and exemption for certain telecommunications service providers.  Creates an income tax credit and sales and use tax exemption for wireless and broadband equipment purchased by telecommunications providers for use within rural areas of the Commonwealth. For taxable years beginning on and after January 1, 2008, the income tax credit is equal to 30% of all expenditures for wireless and broadband equipment used in providing telecommunications services in the rural areas of the Commonwealth. There is a $10 million cap on the total amount of income tax credits that may be allowed in any tax year. The sales and use tax exemption is phased in beginning January 1, 2009, with 25% of the purchase price being exempt and increasing to 100% by 2011.