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:

Those copatrons are Sen. George Barker (D-Alexandria), Sen. Harry Blevins (R-Chesapeake), Sen. Chuck Colgan (D-Manassas), Sen. Emmett Hanger (R-Mount Solon), Sen. Robert Hurt (R-Chatham), Sen. Louise Lucas (D-Portsmouth), Sen. Dave Marsden (D-Burke), Sen. Steve Martin (R-Chesterfield), Sen. Ryan McDougle (R-Mechanicsville), Sen. Jeff McWaters (R-Virginia Beach), Sen. John Miller (D-Newport News), Sen. Steve Newman (R-Forest), Sen. Tommy Norment (R-Williamsburg), Sen. Ralph Northam (D-Norfolk), Sen. Phil Puckett (D-Tazewell), Sen. Fred Quayle (R-Suffolk), Sen. Frank Ruff (R-Clarksville), Sen. Ralph Smith (R-Roanoke), Sen. Walter Stosch (R-Glen Allen), Sen. Richard Stuart (R-Westmoreland), Sen. Jill Holtzman Vogel (R-Winchester), Sen. Frank Wagner (R-Virginia Beach), Sen. William Wampler (R-Bristol)

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. Read the Bill »

Outcome

Bill Has Passed

History

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

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 20 seconds.

Duplicate Bills

The following bills are identical to this one: HB624.