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