Income tax, state; modifications for certain companies in economically distressed localities. (HB1241)

Introduced By

Del. Steve Heretick (D-Portsmouth)

Progress

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

Description

Income tax modifications for certain companies in economically distressed localities. Adds the City of Portsmouth to the list of economically distressed localities in which a company may invest to become eligible for certain income tax modifications. Under current law, a company is eligible for such modifications if, among other things, it either (i) invests at least $5 million in new capital investment in a qualified locality and creates at least 10 jobs paying at least 150 percent of the minimum wage in a qualified locality or (ii) creates at least 50 jobs paying at least 150 percent of the minimum wage in a qualified locality. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20103381D
01/08/2020Referred to Committee on Finance
01/16/2020Assigned Finance sub: Subcommittee #1
01/18/2020Impact statement from TAX (HB1241)
01/20/2020Subcommittee failed to recommend reporting (3-Y 5-N)
02/11/2020Left in Finance

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