Income tax, state and corporate; tax credit for employers of National Guard members. (HB290)

Introduced By

Del. Nick Freitas (R-Culpeper)

Description

Individual and corporate income tax credit; employers of National Guard members and self-employed National Guard members. Provides for taxable years 2022 through 2026 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 bill provides that the amount of the credit is 25 percent if such member was in a military pay status for 65 days or more during the taxable year or 15 percent if such member was in a military pay status for 45 to 64 days during the taxable year. The credit is not allowed if such member was in a military pay status for fewer than 45 days during the taxable year. Read the Bill »

Status

01/11/2022: Awaiting a Vote in the Finance Committee

History

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