Major business facility job tax credit; reduces number of qualified full-time jobs required. (SB472)

Introduced By

Sen. John Watkins (R-Midlothian) with support from 23 copatrons, whose average partisan position is:

Progress

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

Description

Major business facility job tax credit.  Amends the Major Business Facility Job Tax Credit. Current law provides a $1,000 tax credit for major business facilities that create at least 100 qualified full-time jobs. This legislation increases the tax credit to $2000, and reduces the number of qualified full-time jobs required to be created to 50. In enterprise zones or economically distressed areas, the base or threshold is lowered from 50 newly created jobs to 25. The changes also allow the credit to be taken over a two-year period for taxable years beginning January 1, 2009, through December 31, 2012, rather than December 31, 2010. Amends § 58.1-439, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

History

  • 01/13/2010 Prefiled and ordered printed; offered 01/13/10 10102435D
  • 01/13/2010 Referred to Committee on Finance
  • 02/01/2010 Impact statement from TAX (SB472)
  • 02/03/2010 Committee substitute printed 10105022D-S1
  • 02/03/2010 Reported from Finance with substitute (15-Y 0-N) (see vote tally)
  • 02/04/2010 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 02/08/2010 Read second time
  • 02/08/2010 Reading of substitute waived
  • 02/08/2010 Committee substitute agreed to 10105022D-S1
  • 02/08/2010 Engrossed by Senate - committee substitute SB472S1
  • 02/09/2010 Read third time and passed Senate (40-Y 0-N) (see vote tally)
  • 02/14/2010 Impact statement from TAX (SB472S1)
  • 02/17/2010 Placed on Calendar
  • 02/17/2010 Read first time
  • 02/17/2010 Referred to Committee on Appropriations
  • 02/23/2010 Assigned App. sub: Economic Development, Agriculture and Natural Resources
  • 02/26/2010 Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
  • 03/01/2010 Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
  • 03/01/2010 Committee substitute printed 10105626D-H1
  • 03/03/2010 Read second time
  • 03/03/2010 Constitutional reading dispensed (97-Y 0-N)
  • 03/03/2010 VOTE: --- AGREE TO MOTION (97-Y 0-N) (see vote tally)
  • 03/03/2010 Committee substitute agreed to 10105626D-H1
  • 03/03/2010 Engrossed by House - committee substitute SB472H1
  • 03/03/2010 Passed House with substitute (99-Y 0-N)
  • 03/03/2010 VOTE: --- PASSAGE (99-Y 0-N) (see vote tally)
  • 03/03/2010 House substitute agreed to by Senate (39-Y 0-N) (see vote tally)
  • 03/03/2010 Title replaced 10105626D-S1
  • 03/05/2010 Impact statement from TAX (SB472ER)
  • 03/11/2010 Enrolled
  • 03/11/2010 Bill text as passed Senate and House (SB472ER)
  • 03/11/2010 Signed by Speaker
  • 03/13/2010 Signed by President
  • 04/11/2010 G Approved by Governor-Chapter 469 (effective - see bill)
  • 04/11/2010 G Acts of Assembly Chapter text (CHAP0469)

Duplicate Bills

The following bills are identical duplicates of this one: HB624.