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2012 SESSION

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HB 514 Tax credits; for costs to comply with excessive state regulations.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credits for costs to comply with excessive state regulations.  Establishes a tax credit beginning January 1, 2012, for the direct costs of a business attributable to its location in the Commonwealth to comply with excessive state regulations. The bill defines direct costs to include lost profits from business in the Commonwealth. The bill defines excessive state regulations as regulations or mandatory rules or guidelines that are (i) imposed by the Commonwealth, (ii) not required by any federal law or other federal authority, (iii) in general, costly to comply with, and (iv) imposed on a business for conducting business in the Commonwealth that restrict, condition, or prohibit ordinarily harmless property conditions or the ordinarily harmless exercise or enjoyment by the business of its legal rights. The Secretary of Commerce and Trade would be charged with identifying excessive state regulations for which tax credits would be allowed. The bill provides for a five-year carryover period for unused tax credits.


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