Income taxes, state and corporate; tax credit for employers of National Guard members. (SB1704)

Introduced By

Sen. David Suetterlein (R-Salem) with support from co-patron Sen. Ben Chafin (R-Lebanon)

Progress

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

Description

Individual and corporate income tax credit; employers of National Guard members and self-employed National Guard members. Provides for taxable years 2019 through 2023 a nonrefundable tax credit against individual and corporate income taxes for (i) wages paid by an employer to an employee who is a Virginia National Guard member or (ii) income of a self-employed National Guard member attributable to his business. The amount of the credit shall be 25 percent if such member was in a military pay status for 65 days or more during such taxable year or 15 percent if such member was in a military pay status for 45 days or more during such taxable year. The credit shall not be allowed if such member was in a military pay status for less than 45 days during such taxable year. The bill allows a taxpayer to carry unused credits over for up to five taxable years. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/15/2019Presented and ordered printed 19104515D
01/15/2019Referred to Committee on Finance
01/26/2019Impact statement from TAX (SB1704)
01/29/2019Passed by indefinitely in Finance (15-Y 0-N) (see vote tally)

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