Economic development; incentives to attract knowledge workers. (HB858)

Introduced By

Del. David Reid (D-Loudoun) with support from co-patron Del. Rodney Willett (D-Henrico)

Progress

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

Description

Economic development; incentives to attract knowledge workers. Provides, for taxable years 2022 through 2027, an income tax deduction for 50 percent of the amount a qualified knowledge worker, defined in the bill, pays for residential high speed internet access or $600, whichever is less. The bill provides a tax credit for qualified knowledge workers for the purchase of a residential electric vehicle charger, in an amount equal to 50 percent of the former federal tax credit for an electric vehicle charger. The bill also provides an income tax credit for qualified knowledge workers in an amount equal to the sales tax paid for up to $5,000 of certain computer equipment. For the deduction and both credits, the amounts provided are doubled if the qualified knowledge worker resides in a locality that has lost more than 10 percent of its population since the 2010 census. Qualified knowledge worker is defined in the bill as an individual who establishes new domicile in Virginia and who possesses advanced skills in the field of information technology, including network engineers, software developers, data scientists, and artificial intelligence, machine learning, or quantum computing professionals. The bill provides that no more than $1 million in credits shall be issued in any taxable year and that such credits shall be allocated evenly between distressed and non-distressed localities. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2022Committee
01/12/2022Prefiled and ordered printed; offered 01/12/22 22100903D
01/12/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
01/29/2022Impact statement from TAX (HB858)
01/31/2022Subcommittee recommends laying on the table (6-Y 3-N)
02/15/2022Left in Finance

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