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2005 SESSION

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HB 1530 Income tax, state; credit for commuter parking lot.

Introduced by: Jeffrey M. Frederick | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Income tax; commuter parking lot deduction.  Provides a deduction for taxable years beginning on and after January 1, 2006, to owners of shopping centers and strip malls who contribute to the locality the right to use certain parking spaces as commuter parking.  The amount of the annual deduction will not exceed $50 per parking space. The governing body of the county, city or town in which the commuter parking spaces are located must develop a plan based on guidelines established by the Department of Taxation.  

SUMMARY AS INTRODUCED:

Income tax; commuter parking lot tax credit. Provides an income tax credit for taxable years beginning on and after January 1, 2006, to individuals and corporations owning shopping centers and strip malls and designating part of the parking lot as commuter parking. The amount of the annual credit is $50 per parking space. The maximum term for the credit shall be two years for each qualified taxpayer. The governing body of the county, city or town in which the commuter parking spaces are located will develop guidelines setting forth the general requirements for qualifying for the tax credit.