Machinery and tools, merchants' capital, and BPOL taxes; maximum rates and income tax credits. (HB435)

Introduced By

Del. Jim LeMunyon (R-Oak Hill)

Description

Machinery and tools, merchants' capital and BPOL taxes; maximum rates and income tax credits. Prohibits a locality from increasing its merchants' capital tax, local license (BPOL) fees and taxes, and taxes on machinery and tools used in a business above the locality's rates in effect as of January 1, 2014, and establishes refundable income tax credits for the same taxes beginning with taxable year 2014. The refundable individual and corporate income tax credits would equal 33 percent of such taxes paid during the taxable year. The credit would sunset on December 31, 2018. The bill also would prohibit any subtraction or deduction for these taxes in computing Virginia taxable income. Read the Bill »

Outcome

History