Income tax, state and corporate; tax credit for employers of military spouses. (SB460)

Introduced By

Sen. Bryce Reeves (R-Spotsylvania) with support from co-patrons Del. John Avoli (R-Staunton), and Sen. Mark Peake (R-Lynchburg)

Progress

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

Description

Individual and corporate income tax credit; employers of military spouses. Provides for taxable years 2020 through 2024 a nonrefundable tax credit against individual and corporate income taxes for (i) wages paid by an employer to the spouse of an active member of the United States armed forces or (ii) income of a self-employed spouse of an active member of the United States armed forces. The amount of the credit shall be 25 percent of such wages or income. 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
01/07/2020Referred to Committee on Finance
01/07/2020Prefiled and ordered printed; offered 01/08/20 20102337D
01/07/2020Referred to Committee on Finance and Appropriations
01/08/2020Moved from Finance to Finance and Appropriations due to a change of the committee name
01/26/2020Impact statement from TAX (SB460)
01/29/2020Continued to 2021 in Finance and Appropriations (15-Y 0-N) (see vote tally)