Income tax, corporate; credit for contracting with small or minority-owned, etc., businesses. (HB1304)

Introduced By

Del. Greg Habeeb (R-Salem)

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 Virginia within a Historically Underutilized Business Zone or a state enterprise zone.

The Department of Business Assistance would issue the tax credits and would be authorized to issue up to $10 million in tax credits each fiscal year. The tax credit would sunset on December 31, 2017. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
08/02/2012Prefiled and ordered printed; offered 01/09/13 13100109D
08/02/2012Referred to Committee on Finance
01/12/2013Impact statement from TAX (HB1304)
01/14/2013Assigned Finance sub: #3
01/25/2013Subcommittee recommends laying on the table (4-Y 1-N)
02/05/2013Left in Finance

Comments

ACLU-VA Women's Rights and Reproductive Freedom, tracking this bill in Photosynthesis, notes:

The ACLU of Virginia supports this bill because it combats gender bias, allowing women owned businesses equal opportunity for growth.