Income tax, state and corporate; tax credit for hiring military persons as STEM interns. (HB1050)

Introduced By

Del. Rich Anderson (R-Woodbridge) with support from co-patrons Del. Anne Crockett-Stark (R-Wytheville), Del. Gordon Helsel (R-Poquoson), Del. John O'Bannon (R-Richmond), Del. Tom Rust (R-Herndon), and Del. Ron Villanueva (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; tax credit for hiring military persons as STEM (science, technology, engineering, or mathematics) interns.  Establishes an individual and corporate income tax credit for taxpayers employing military persons in STEM internship positions in the Commonwealth. The bill requires the military person to be a retiree of or honorably discharged from the Virginia National Guard, the national guard of another state or U.S. territory, the armed forces of the United States, or the armed forces reserves of the United States. In addition, the person's STEM internship with the taxpayer must be for a definite period that does not exceed 12 months. Taxpayers hiring military persons in STEM internships would be eligible for a tax credit equal to 25 percent of the wages or salary paid to the intern. Taxpayers would apply to the Department of Taxation for the tax credit. The Department would issue tax credits by providing a written certification to the taxpayer that reports the amount of tax credit that may be claimed. The Department would not be allowed to issue more than $2 million in tax credits during any fiscal year. The Department would be allowed to issue tax credits only for fiscal years 2013 through 2017. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2012Prefiled and ordered printed; offered 01/11/12 12100298D
01/11/2012Referred to Committee on Finance
02/02/2012Impact statement from TAX (HB1050)
02/06/2012Continued to 2013 in Finance
11/29/2012Left in Finance