Income tax, state; tax credit for principal paid on business loans. (HB381)

Introduced By

Del. Glenn Davis (R-Virginia Beach)

Description

Tax credit; principal paid on business loans. Establishes an individual income tax credit based on the amount attributable to a Virginia income tax deduction associated with the 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 »

Outcome

History