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2014 SESSION

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HB 678 Income tax; tax credit for small businesses hiring graduates of Virginia's public colleges.

Introduced by: Charniele L. Herring | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credit for small businesses hiring graduates of Virginia's public colleges. Establishes, beginning January 1, 2014, an individual and corporate income tax credit for certain small businesses creating new full-time jobs that are filled by persons holding associate or bachelor's degrees from public institutions of higher education in the Commonwealth. The credit would equal $2,500 for each such new full-time job. However, if the new full-time job created is a STEM or STEAM position that is filled by a graduate with a STEM or STEAM degree then the credit would equal $20,000 for such job. The bill defines "STEM or STEAM" as a science, technology, engineering, mathematics, or applied mathematics related discipline, including a health care-related discipline. The credit would be claimed for the taxable year at which time the new full-time job was continuously filled for at least 12 months. Any unused credit would be allowed to be carried over for five taxable years. The tax credit would sunset in 2016.


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