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:
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
☐ |
Became Law |
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. Amends § 58.1-439.12:02 (“Biodiesel and green diesel fuels producers tax credit.”), § 58.1-609.3 (“Commercial and industrial exemptions.”), of the Code of Virginia. View Full Text »
