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2019 SESSION

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HB 2608 Income taxes, state and corporate; tax credit for employers of National Guard members.

Introduced by: Nicholas J. Freitas | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual and corporate income tax credit; employers of National Guard members and self-employed National Guard members. Provides for taxable years 2019 through 2023 a nonrefundable tax credit against individual and corporate income taxes for (i) wages paid by an employer to an employee who is a Virginia National Guard member or (ii) income of a self-employed National Guard member attributable to his business. The amount of the credit shall be 25 percent if such member was in a military pay status for 65 days or more during such taxable year or 15 percent if such member was in a military pay status for 45 days or more during such taxable year. The credit shall not be allowed if such member was in a military pay status for less than 45 days during such taxable year The bill allows a taxpayer to carry unused credits over for up to five taxable years.


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