Income tax, corporate; tax credit for investments in machinery or equipment by small businesses. (HB1359)
Introduced By
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 |
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Became Law |
Description
Income tax; Small business investment tax credit. Establishes a tax credit for investments in machinery or equipment by small businesses. The credit would equal 20 percent of investment amount. The Department of Taxation would administer the tax credits. Taxpayers would not be allowed more than $10,000 in tax credit for any taxable year in which an incremental investment in machinery or equipment was made. Any unused tax credit would be allowed to be carried forward for five taxable years. The credit would be effective for taxable years 2010, 2011, and 2012. Amends § 58.1-439.12:03 (“Motion picture production tax credit.”), of the Code of Virginia. View Full Text »
Outcome
Bill Has Failed
View Bill's History
