Income tax, state; credit for existing business growth. (HB1146)

Introduced By

Del. Will Wampler (R-Abingdon)

Progress

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

Description

Income tax credit; existing business growth. Provides a nonrefundable income tax credit equal to five percent of total corporate income taxes owed by certain small businesses in existence for at least two years that reach new full-time employee hiring thresholds during two-year qualifying periods. The credit is available for taxable years 2020 through 2039 and is awarded for the taxable year during which each qualifying period ends. Existing businesses qualify for the tax credit on the basis of their size during the qualifying period. The credit may be claimed only once in each qualifying period. Businesses claiming the credit may carry over unused credit for the next five taxable years or until the total amount of the credit has been taken, whichever occurs first. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/07/2020Committee
01/07/2020Prefiled and ordered printed; offered 01/08/20 20103534D
01/07/2020Referred to Committee on Finance
01/29/2020Assigned Finance sub: Subcommittee #1
02/01/2020Impact statement from TAX (HB1146)
02/11/2020Left in Finance

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