Federal Government Contractor Grant Fund and Program; created & established for certain businesses. (SB620)
Introduced By
Sen. Chap Petersen (D-Fairfax) with support from co-patrons Del. Luke Torian (D-Woodbridge), and Sen. Phil Puckett (D-Tazewell)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
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 a Historically Underutilized Business Zone or a state enterprise zone.
Tax credits would be capped at $10 million each fiscal year. The tax credit would sunset on December 31, 2017. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/20/2012 | Presented and ordered printed 12104119D |
| 01/20/2012 | Referred to Committee on Finance |
| 01/28/2012 | Impact statement from TAX (SB620) |
| 02/08/2012 | Reported from Finance with substitute (14-Y 0-N 1-A) (see vote tally) |
| 02/08/2012 | Committee substitute printed 12105249D-S1 |
| 02/09/2012 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
| 02/10/2012 | Read second time |
| 02/10/2012 | Reading of substitute waived |
| 02/10/2012 | Committee substitute agreed to 12105249D-S1 |
| 02/10/2012 | Engrossed by Senate - committee substitute SB620S1 |
| 02/13/2012 | Read third time and passed Senate (38-Y 1-N 1-A) (see vote tally) |
| 02/17/2012 | Placed on Calendar |
| 02/17/2012 | Read first time |
| 02/17/2012 | Referred to Committee on General Laws |
| 02/20/2012 | Assigned GL sub: #2 FOIA/Procurement |
| 02/22/2012 | Impact statement from TAX (SB620S1) |
| 02/28/2012 | Subcommittee recommends laying on the table |
| 03/10/2012 | Left in General Laws |
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 2 minutes.