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2001 SESSION

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HB 2806 Income tax; Broadband Internet Access Tax Credit.

Introduced by: Robert D. Hull | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; Broadband Internet Access Tax Credit. Provides an individual and corporate income tax credit to taxpayers in order to accelerate deployment of (i) current generation broadband access to the Internet for users located in certain low-income and rural areas and (ii) next generation broadband access for all users. The tax credit for any taxable year equals the sum of (a) the current generation broadband credit, plus (b) the next generation broadband credit.

The current generation broadband credit for any taxable year equals 10 percent of the qualified expenditures incurred with respect to qualified equipment offering current generation broadband services to rural subscribers or underserved subscribers. The next generation broadband credit for any taxable year shall equal 20 percent of the qualified expenditures incurred with respect to qualified equipment offering next generation broadband services to all rural subscribers, all underserved subscribers, or any other residential subscribers.

The credit in the aggregate for any taxable year will not exceed $750,000. If the amount of credits applied for exceed that limit, the Tax Department will allocate the credits on a pro rata basis. The credit applies to taxable years beginning on or after January 1, 2002, but before January 1, 2005.


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