Income tax and sales and use tax; credit and exemption for certain telecommunications service. (HB924)

Introduced By

Del. Kathy Byron (R-Lynchburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2008Committee
01/08/2008Prefiled and ordered printed; offered 01/09/08 084588448
01/08/2008Referred to Committee on Finance
01/15/2008Assigned Finance sub: 3
01/29/2008Impact statement from TAX (HB924)
01/31/2008Fiscal impact review from JLARC (HB924)
02/04/2008Continued to 2009 in Finance

Duplicate Bills

The following bills are identical to this one: SB117.