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2000 SESSION

002819564
SENATE BILL NO. 428
Offered January 21, 2000
A BILL to amend the Code of Virginia by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12, relating to employer-provided commuting benefits tax credit.
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Patrons-- Whipple, Barry, Byrne, Howell, Mims, Puller, Saslaw and Ticer; Delegates: Albo, Almand, Amundson, Brink, Callahan, Darner, Devolites, Hull, McClure, McQuigg, Moran, Plum, Scott, Van Landingham and Watts
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12 as follows:

§ 58.1-439.12. Employer-provided commuting benefits tax credits.

A. For taxable years beginning on and after January 1, 2001, any employer shall be allowed a credit against the taxes imposed by §§ 58.1-320 and 58.1-400 in an amount equal to fifty percent of the cost of eligible commuting expenses provided by such employer for his employees, subject to the limitations in subsection B. For purposes of this section, eligible commuting expenses are those costs that cover travel between an employee's residence and place of employment by means of multiple-seating vehicle transportation and mass-transit transportation.

B. The maximum annual credit for commuting expenses shall not exceed the lesser of $240 per employee or the employer's tax liability for the tax year. Any unused credit shall not be refundable and shall not be carried over or back to a different tax year.

C. No employer shall be eligible to claim a credit under this section to the extent such employer has taken a deduction for such commuting expenses for federal income tax purposes.