Income tax, state; credit for employer contributions to Virginia College Savings Plan accounts. (HB926)

Introduced By

Del. Carrie Coyner (R-Chesterfield) with support from co-patrons Del. Jason Miyares (R-Virginia Beach), and Del. Martha Mugler (D-Hampton

Description

Income tax credit; employer contributions to Virginia College Savings Plan accounts. Provides a nonrefundable income tax credit for taxable years beginning on or after January 1, 2020, but before January 1, 2025, for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the credit shall not exceed $500 annually for each such employee. If the recipient receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the credit shall not exceed $1,000 annually for each such employee. The total amount of tax credits available for a calendar year shall not exceed $5 million. Any unused tax credit may be carried over for three years. Read the Bill »

Outcome

History