Income tax, corporate; tax credit for investments in machinery or equipment by small businesses. (HB1359)

Introduced By

Del. Mark Keam (D-Vienna)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/22/2010Committee
01/22/2010Presented and ordered printed 10103222D
01/22/2010Referred to Committee on Finance
01/26/2010Assigned Finance sub: #3
02/04/2010Impact statement from TAX (HB1359)
02/09/2010Subcommittee recommends incorporating (HB2-Loupassi)
02/10/2010Incorporated by Finance (HB2-Loupassi)
02/16/2010Left in Finance