Income tax, state; Virginia local journalism sustainability credits. (HB1217)

Introduced By

Del. Alfonso Lopez (D-Arlington)

Progress

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

Description

Virginia local journalism sustainability credits. Creates a nonrefundable income tax credit for eligible local newspaper publishers, defined in the bill, for compensation paid to local news journalists. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 10 percent of the actual amounts paid in wages to local news journalists during such taxable year or $5,000 and (ii) in subsequent taxable years, the lesser of five percent of the actual amounts paid in wages to local news journalists during such taxable year or $2,500. The credit includes an aggregate cap of $5 million per taxable year. The bill also creates a nonrefundable income tax credit for eligible small businesses with fewer than 50 employees for certain expenses incurred for local media advertising in a local newspaper, or in a broadcast of a local radio or television station. The credit is equal to (a) for the first taxable year in which the credit is claimed, the lesser of 80 percent of the actual amounts paid or incurred for qualified local media advertising expenses or $4,000 and (b) the lesser of 50 percent of the actual amounts paid or incurred for qualified local media advertising expenses during such taxable year or $2,000 for subsequent taxable years. The credit includes an aggregate cap of $10 million. Each of the credits may be claimed in taxable years beginning on and after January 1, 2022, but before January 1, 2027. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/18/2022Committee
01/18/2022Presented and ordered printed 22103363D
01/18/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
01/30/2022Impact statement from TAX (HB1217)
01/31/2022Subcommittee failed to recommend reporting (3-Y 6-N)
02/15/2022Left in Finance

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