VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2011 SESSION

• | print version

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

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

SUMMARY AS PASSED SENATE:

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.

SUMMARY AS INTRODUCED:

Income tax; international trade facility tax credit. Grants an income tax credit of $3,000 for every employee hired by Virginia shippers when employment is based on increasing cargo moving through a Virginia port by at least 10%. The credit will become available for taxable years on and after January 1, 2011, but before January 1, 2015.