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2017 SESSION

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SB 849 Income tax, state; creates a deduction for small business owners.

Introduced by: Amanda F. Chase | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia taxable income; deduction for small business owners. Creates an income tax deduction for taxable years beginning on and after January 1, 2017, for income attributable to the ownership and operation of a small business. For purposes of the deduction, a small business is defined as a business that has its primary place of business in the Commonwealth, generates less than $100,000 of taxable income in the taxable year, and has fewer than 50 employees. A small business owner would only be eligible to take the deduction for the first five years that the business is in operation.


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