Bank franchise; tax credit for student loan refinancing. (HB708)

Introduced By

Del. Nick Rush (R-Christiansburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Bank franchise tax credit for student loan refinancing. Provides a nonrefundable credit against the bank franchise tax starting in taxable year 2020 in the amount of 20 percent of a bank's student loan refinancing expenses. The bill defines eligible expenses to include the amount of principal forgiven by a bank plus the amount of interest reduced by refinancing. The credit is available only for expenses related to the refinancing of privately held loans but not loans held by the federal government. The credit may not be applied against bank franchise taxes imposed by a county, city, or town in the Commonwealth. Read the Bill »


Bill Has Failed


01/06/2020Prefiled and ordered printed; offered 01/08/20 20102576D
01/06/2020Referred to Committee on Finance
01/16/2020Assigned Finance sub: Subcommittee #1
01/18/2020Impact statement from TAX (HB708)
01/20/2020Subcommittee recommends laying on the table (9-Y 0-N)
02/11/2020Left in Finance

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