Income tax, state and corporate; credit for small businesses. (SB540)

Introduced By

Sen. Mark Peake (R-Lynchburg)

Progress

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

Description

Income tax credit; small businesses. Provides, in taxable year 2022, an individual or corporate income tax credit, as applicable for an eligible small business, defined in the bill as a (i) (a) pass-through entity that employs fewer than 50 employees and that has no more than $10 million in gross receipts during such taxable year or (b) self-employed individual or (ii) corporation that is at least 51 percent independently owned by one or more United States citizens or legal resident aliens, employs fewer than 50 employees together with affiliates, and has no more than $10 million in gross receipts during the taxable year, and where the individual business owners must control both the management and daily operations of the business. The individual income tax credit is equal to the amount of Virginia income tax owed on up to $250,000 of personal income during such taxable year and the credit for a corporation equals the amount of Virginia income tax owed during such taxable year on up to $250,000 of the amount that is not deductible when computing federal tax due to Virginia's deconformity from certain provisions of the federal Consolidated Appropriations Act of 2020. The credit is subject to an aggregate cap of $75 million. Read the Bill »

Status

01/12/2022: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22103769D
01/12/2022Referred to Committee on Finance and Appropriations

Duplicate Bills

The following bills are identical to this one: HB332.

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