Income tax, state and corporate; artificial intelligence industry tax deduction. (HB1830)

Introduced By

Del. David Yancey (R-Newport News)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Artificial intelligence industry tax deductions. Establishes additional corporate and individual income tax deductions beginning January 1, 2017, for artificial intelligence industry employers for (i) compensation paid to employees and independent contractors who have earned an undergraduate or graduate degree in a program accredited by the Accreditation Board for Engineering and Technology (ABET) and (ii) tuition payments or reimbursements on behalf of employees and independent contractors earning an undergraduate or graduate degree in a program accredited by ABET while employed by, or performing services under a contract with, such employers. The deduction for compensation paid equals (a) 20 percent of such compensation paid for the first through fifth years of employment if the employee or independent contractor graduated from an ABET-accredited program located in the Commonwealth or (b) 10 percent of the compensation paid for the first through fifth years of employment if the qualified employee or independent contractor graduated from an ABET-accredited program located outside the Commonwealth. In no event would the deduction allowed for compensation exceed $4,000 each year of employment for each employee or independent contractor. In no event would the deduction allowed for tuition payments or reimbursements on behalf of each employee or independent contractor for the relevant year of employment exceed 50 percent of the average annual amount for enrollment and instruction in an ABET-accredited program at a public institution of higher education in the Commonwealth. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2017Committee
01/10/2017Prefiled and ordered printed; offered 01/11/17 17103820D
01/10/2017Referred to Committee on Finance
01/19/2017Assigned Finance sub: Subcommittee #2
01/24/2017Impact statement from TAX (HB1830)
01/25/2017Subcommittee recommends laying on the table
02/07/2017Left in Finance