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2011 SESSION

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SB 1136 Income tax, state; international trade facility tax credit.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Income tax; international trade facility tax credit.  Grants an income tax credit equal to (i) $3,000 for every employee hired by Virginia shippers that results from increased cargo moving through a Virginia cargo facility operated by the Virginia Port Authority or (ii) two percent of any capital investment made by a Virginia shipper to facilitate increased cargo moving through a Virginia cargo facility operated by the Virginia Port Authority.  The taxpayer would elect which credit to take.  The Tax Commissioner would be allowed to issue up to $250,000 in tax credits in a fiscal year under the tax credit program. The credit will become available for taxable years on and after January 1, 2011, but before January 1, 2015.


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