Income tax, state; tax credit for principal paid on business loans. (HB2225)

Introduced By

Del. Glenn Davis (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Tax credit; principal paid on business loans. Establishes an individual income tax credit for the amount of principal paid by an eligible business on a loan during the taxable year. The credit would equal the lesser of (i) the product of .0575 and 75 percent of the principal paid on all business loans during the year, but not to exceed an aggregate of $3,500, or (ii) the amount of individual income tax imposed for the year. Eligible businesses are defined as businesses (a) having at least $100,000 but not in excess of $5 million in gross receipts or gross revenues for the year, (b) with at least three full-time employees for at least six continuous months of the year, and (c) that have not been operating for more than five years. Read the Bill »


Bill Has Failed


01/16/2015Presented and ordered printed 15102151D
01/16/2015Referred to Committee on Finance
01/22/2015Impact statement from TAX (HB2225)
01/27/2015Assigned Finance sub: Subcommittee #3
01/30/2015Subcommittee recommends laying on the table
02/10/2015Left in Finance