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2000 SESSION

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SB 236 Tax credits; child day-care facilities.

Introduced by: Yvonne B. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credits; child day-care facilities. Increases the percentage of expenditures made by child day-care facilities eligible for the day-care facility investment tax credit from 25 percent of expenditures to 35 percent of expenditures. The bill also increases the aggregate amount of the tax credit allowed to child day-care facilities from $25,000 to $30,000 and provides that the Department of Taxation may approve in each fiscal year up to $150,000 in day-care facility investment tax credits, which is an increase over the present maximum amount of $100,000. The bill allows small qualified child day-care businesses operating in enterprise zones a tax credit of 70 percent of the taxes due to the Commonwealth in such businesses' second through 10th tax years. Under current law, all small qualified business firms operating in enterprise zones are allowed a tax credit of 60 percent of the taxes due to the Commonwealth in such businesses' second through 10th tax years. The total amount of tax credits per fiscal year available to all small qualified business firms operating in enterprise zones will remain the same at $16 million.


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