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2003 SESSION
HB 1426 Corporate income tax; Virginia Entrepreneurial Encouragement Act.
Introduced by: Harry R. Purkey | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Corporate income tax; Virginia Entrepreneurial Encouragement Act. Creates the Virginia Entrepreneurial Encouragement Act that provides tax incentives to start-up businesses during the first three years of their existence. The incentives are the exemption from income tax for the first two years and a reduced income tax rate (one-half of the corporate income tax rate) for the third year. The program applies to businesses created on or after January 1, 2003, but no later than December 31, 2005.
FULL TEXT
HISTORY
- 01/08/03 House: Presented & ordered printed, prefiled 11/07/02 035786896
- 01/08/03 House: Referred to Committee on Finance
- 01/29/03 House: Passed by in Finance with letter (21-Y 1-N)