Retaliatory costs tax credit; extends carry-over period to 10 years. (SB1246)

Introduced By

Sen. Walter Stosch (R-Glen Allen) with support from co-patrons Del. John O'Bannon (R-Richmond), Sen. Ken Cuccinelli (R-Fairfax), and Sen. Steve Newman (R-Forest)

Description

Retaliatory costs tax credit. Extends the carry-over period from five years to 10 years, allowing taxpayers an additional five years to carry over credit amounts they have not taken. The new 10 year period is applicable to credits allowed before or after January 1, 2009. Amends § 58.1-2510 (“(Effective for taxable years commencing before January 1, 2013) Tax credit for retaliatory costs paid to other states.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.