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2019 SESSION
SB 1704 Income taxes, state and corporate; tax credit for employers of National Guard members.
Introduced by: David R. Suetterlein | 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.
FULL TEXT
HISTORY
- 01/15/19 Senate: Presented and ordered printed 19104515D
- 01/15/19 Senate: Referred to Committee on Finance
- 01/29/19 Senate: Passed by indefinitely in Finance (15-Y 0-N)