Income tax, state and corporate; conversion to employee ownership. (HB592)

Introduced By

Del. Nadarius Clark (D-Portsmouth) with support from co-patron Del. Michelle Maldonado (D-Manassas)

Progress

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

Description

Income tax credit; conversion to employee ownership. Creates a nonrefundable, one-time individual and corporate income tax credit for an eligible business that (i) transfers whole or partial ownership to employees in the form of a worker cooperative, an employee stock ownership plan, an employee ownership trust, an employee equity grant program, or an employee stock purchase plan or (ii) is conducting a feasibility study for a transition to such employee ownership models. The credit is available for taxable years 2022 through 2026, is equal to up to $5,000 per eligible business that transfers ownership to employees or incurs costs for conducting a feasibility study for transferring ownership to employees during the taxable year, and includes an aggregate annual cap of $5 million. Read the Bill »

Status

01/20/2022: Awaiting a Vote in the Finance Committee

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22101806D
01/11/2022Referred to Committee on Finance
01/20/2022Assigned Finance sub: Subcommittee #1
01/23/2022Impact statement from TAX (HB592)
01/24/2022Subcommittee recommends continuing to 2023
01/26/2022Continued to 2023 in Finance

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