Income tax, state and corporate; tax credit for employers of National Guard members. (SB218)

Introduced By

Sen. David Suetterlein (R-Salem)

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 2020 through 2024 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 less than 45 days during such taxable year. 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
12/30/2019Prefiled and ordered printed; offered 01/08/20 20100807D
12/30/2019Referred to Committee on Finance and Appropriations
01/08/2020Moved from Finance to Finance and Appropriations due to a change of the committee name
01/24/2020Impact statement from TAX (SB218)
01/29/2020Continued to 2021 in Finance and Appropriations (15-Y 0-N) (see vote tally)
12/04/2020Left in Finance and Appropriations

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