Tax Credits

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HB 1555 Income tax, state and corporate; deduction for commuter benefits provided by an employer.

Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax deduction for commuter benefits provided by an employer. Establishes, starting in taxable year 2020, an individual and corporate income tax deduction for commuter benefits, defined in the bill, provided by an employer to its employees. The deduction is available only to the employer and is limited to $265 per employee.

By |2020-01-14T18:58:07-05:00January 14th, 2020|Tax Credits|Comments Off on HB 1555 Income tax, state and corporate; deduction for commuter benefits provided by an employer.

HB 1435 Low-income taxpayers; refundable income tax credit.

Introduced by: Jerrauld C. "Jay" Jones | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Refundable income tax credit for low-income taxpayers. Allows low-income individuals and married persons to claim either (i) a nonrefundable income tax credit equal to $300 for each individual, his spouse, and any dependents or (ii) a refundable income tax credit equal to 20 percent of the federal earned income tax credit claimed that year by the individual or married persons. The provisions of the bill apply to taxable years beginning on and after January 1, 2020, but before January 1, 2026.

By |2020-01-12T13:56:59-05:00January 12th, 2020|Tax Credits|Comments Off on HB 1435 Low-income taxpayers; refundable income tax credit.

HB 1173 Certified pollution control equipment and facilities; tax exemption, timing of certification.

Introduced by: Alfonso H. Lopez | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Tax exemption for certified pollution control equipment and facilities; timing of certification by the state certifying authority. Provides that, upon the request of a political subdivision, the state certifying authority having jurisdiction shall certify the tax-exempt status of certain pollution control equipment and facilities on a prospective basis. The property eligible for such treatment shall be equipment and facilities intended for use by a political subdivision in conjunction with the operation of its

By |2020-01-19T11:01:30-05:00January 12th, 2020|Energy (Cap and Trade), Tax Credits|Comments Off on HB 1173 Certified pollution control equipment and facilities; tax exemption, timing of certification.

SB 919 Sales and use tax exemption for broadband providers.

Introduced by: Mark J. Peake | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Sales and use tax exemption for broadband providers. Establishes a sales and use tax exemption for broadband providers that purchase technology for improving existing broadband infrastructure.

By |2020-01-19T13:31:37-05:00January 11th, 2020|new, Tax Credits|Comments Off on SB 919 Sales and use tax exemption for broadband providers.

SB 800 Real property tax exemption for certified pollution control equipment and facilities.

Introduced by: Lynwood W. Lewis, Jr. | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Real property tax exemption for certified pollution control equipment and facilities. Advances the sunset date of the real property tax exemption for solar photovoltaic (electric energy) projects greater than 20 megawatts from 2024 to 2021.

By |2020-01-11T15:54:00-05:00January 11th, 2020|Energy (Cap and Trade), Tax Credits, Tier #1 OPPOSE|Comments Off on SB 800 Real property tax exemption for certified pollution control equipment and facilities.

SB 763 Real estate tax exemption for certified pollution control equipment and facilities.

Introduced by: George L. Barker | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Real estate tax exemption for certified pollution control equipment and facilities. Provides that the tax exemption for certain solar photovoltaic (electric energy) projects shall not be available to projects that begin construction after January 1, 2030. Under current law, the exemption is not available to projects that begin construction after January 1, 2024. The bill broadens the applicability of this sunset date by applying it to all projects greater than five megawatts. Under current law, the sunset applies only to projects greater than 20 megawatts.

By |2020-01-11T09:53:25-05:00January 10th, 2020|Energy (Cap and Trade), Local Gov't, Tax Credits, Tier #1 OPPOSE|Comments Off on SB 763 Real estate tax exemption for certified pollution control equipment and facilities.

SB 727 Real estate tax; exemption for property in redevelopment or conservation areas.

Introduced by: Jennifer L. McClellan | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Real estate tax exemption for property in redevelopment or conservation areas or rehabilitation districts. Increases the maximum duration of a local real estate tax exemption for structures in redevelopment or conservation areas or rehabilitation districts from 15 to 30 years.

By |2020-01-10T15:37:09-05:00January 10th, 2020|Tax Credits|Comments Off on SB 727 Real estate tax; exemption for property in redevelopment or conservation areas.

HB 1156 Historic rehabilitation tax credit.

Introduced by: Alfonso H. Lopez | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Historic rehabilitation tax credit. Increases from $5 million to $10 million the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, which may be claimed by a taxpayer in any taxable year.

By |2020-01-09T17:45:10-05:00January 9th, 2020|Tax Credits|Comments Off on HB 1156 Historic rehabilitation tax credit.

HB 1146 Income tax credit; existing business growth.

Introduced by: William C. Wampler III | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax credit; existing business growth. Provides a nonrefundable income tax credit equal to five percent of total corporate income taxes owed by certain small businesses in existence for at least two years that reach new full-time employee hiring thresholds during two-year qualifying periods. The credit is available for taxable years 2020 through 2039 and is awarded for the taxable year during which each qualifying period ends. Existing businesses qualify for the tax credit on the basis of their size during the qualifying period. The credit may be claimed only once in each qualifying

By |2020-01-09T17:36:19-05:00January 9th, 2020|Tax Credits|Comments Off on HB 1146 Income tax credit; existing business growth.

HB 926 Income tax credit; employer contributions to Virginia College Savings Plan accounts.

Introduced by: Carrie E. Coyner | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax credit; employer contributions to Virginia College Savings Plan accounts. Provides a nonrefundable income tax credit for taxable years beginning on or after January 1, 2020, but before January 1, 2025, for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the credit shall not exceed $500 annually for each such employee. If the recipient receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the credit shall not exceed $1,000 annually for each such employee. The total amount of tax credits available for

By |2020-01-09T06:47:09-05:00January 9th, 2020|Education, new, Tax Credits|Comments Off on HB 926 Income tax credit; employer contributions to Virginia College Savings Plan accounts.