Income tax, corporate; credit for contracting with small or minority-owned, etc., businesses. (HB1304)
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
Tax credit for contracting with small or minority-owned, veteran-owned, or women-owned businesses. Establishes a corporate income tax credit beginning January 1, 2013, for federal contractors with at least 250 full-time employees that subcontract with small or minority-owned, veteran-owned, or women-owned businesses to perform federal government contract work. The tax credit would equal five percent of the amount paid by the federal contractor under the subcontract to the small or minority-owned, veteran-owned, or women-owned business. The small or minority-owned, veteran-owned, or women-owned business would be required to perform all subcontract work in Virginia within a Historically Underutilized Business Zone or a state enterprise zone.
The Department of Business Assistance would issue the tax credits and would be authorized to issue up to $10 million in tax credits each fiscal year. The tax credit would sunset on December 31, 2017. View Full Text »
Outcome
History
- 08/02/2012 Prefiled and ordered printed; offered 01/09/13 13100109D
- 08/02/2012 Referred to Committee on Finance
- 01/12/2013 Impact statement from TAX (HB1304)
- 01/14/2013 Assigned Finance sub: #3
- 01/25/2013 Subcommittee recommends laying on the table (4-Y 1-N)
- 02/05/2013 Left in Finance
Comments
The ACLU of Virginia supports this bill because it combats gender bias, allowing women owned businesses equal opportunity for growth.
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