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2000 SESSION

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SB 421 Tax credits; coalfield employment enhancement tax credit.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Tax credits; coalfield employment enhancement tax credit. Extends the sunset date for the availability of the coalfield employment tax credit from tax years beginning before January 1, 2002, to tax years beginning before January 1, 2008. For the tax years beginning on and after January 1, 2002, 85 percent of the excess of the credit over the taxpayer's state tax liability for the applicable tax year shall be redeemable by the Commonwealth. The remaining 15 percent of such excess shall be deposited by the tax commissioner in a regional economic development fund administered by the Coalfields Economic Development Authority to be used for regional economic diversification. Current law allows the Commonwealth to redeem 90 percent of the excess of the credit over the taxpayer's state tax liability with 10 percent of such excess deposited in a regional economic development fund administered by the Coalfields Economic Development Authority. It also extends the tax year in which the credit may be taken from 2004 to 2010.


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