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2013 SESSION

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HB 1304 Income tax, corporate; credit for contracting with small or minority-owned, etc., businesses.

Introduced by: Gregory D. Habeeb | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credit for contracting with small or minority-owned, veteran-owned, or women-owned businesses. Establishes a corporate income tax credit beginning January 1, 2013, for federal contractors with at least 250 full-time employees that subcontract with small or minority-owned, veteran-owned, or women-owned businesses to perform federal government contract work. The tax credit would equal five percent of the amount paid by the federal contractor under the subcontract to the small or minority-owned, veteran-owned, or women-owned business. The small or minority-owned, veteran-owned, or women-owned business would be required to perform all subcontract work in Virginia within a Historically Underutilized Business Zone or a state enterprise zone.

The Department of Business Assistance would issue the tax credits and would be authorized to issue up to $10 million in tax credits each fiscal year. The tax credit would sunset on December 31, 2017.


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