Income tax and sales and use tax; credit and exemption for certain telecommunications service. (HB924)

Introduced By

Del. Kathy Byron (R-Lynchburg) with support from 7 copatrons, whose average partisan position is:

Those copatrons are Del. Watkins Abbitt (I-Appomattox), Del. Ward Armstrong (D-Martinsville), Del. Steve Landes (R-Weyers Cave), Del. Danny Marshall (R-Danville), Del. Dave Nutter (R-Christiansburg), Del. Charles Poindexter (R-Glade Hill), Sen. Frank Ruff (R-Clarksville)

Description

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. Read the Bill »

Outcome

History