Income tax, corporate; credit for contracting with small or minority-owned businesses. (HB228)

Introduced By

Del. Greg Habeeb (R-Salem) with support from co-patrons Del. Gordon Helsel (R-Poquoson), Del. Ron Villanueva (R-Virginia Beach), and Sen. Chris Head (R-Roanoke)

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