Income tax, state and corporate; tax credit for employers of Nat'l Guard members, etc. (HB1771)

Introduced By

Del. Nick Freitas (R-Culpeper) with support from co-patron Del. Mark Cole (R-Fredericksburg)

Progress

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

Description

Individual and corporate income tax credit; employers of National Guard members and self-employed National Guard members. Provides for taxable years 2021 through 2025 a nonrefundable tax credit against individual and corporate income taxes for (i) wages paid by an employer to an employee who is a Virginia National Guard member or (ii) income of a self-employed Virginia National Guard member attributable to his business. The amount of the credit shall be 25 percent if such member was in a military pay status for 65 days or more during such taxable year or 15 percent if such member was in a military pay status for 45 days or more during such taxable year. The credit shall not be allowed if such member was in a military pay status for fewer than 45 days during such taxable year. Read the Bill »

Status

12/28/2020: Awaiting a Vote in the Finance Committee

History

DateAction
12/28/2020Prefiled and ordered printed; offered 01/13/21 21100645D
12/28/2020Referred to Committee on Finance
01/14/2021Impact statement from TAX (HB1771)

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