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2021 SESSION

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Senate Committee on Finance and Appropriations

Chair: Janet D. Howell

Clerk: Michael Jackson
Staff: Connor Garstka
Date of Meeting: January 20, 2021
Time and Place: 9 AM/SR West Science Museum/ Public can register @ GA website
https://virginia-senate.granicus.com/ViewPublisher.php?view_id=3

S.B. 1112

Patron: Locke

Research and development tax credits. Provides that the research and development expenses tax credit and the major research and development expenses tax credit shall be available against the bank franchise tax for taxable years beginning on and after January 1, 2021. Under current law, the credits are available only against the individual and corporate income tax.

A BILL to amend and reenact §§ 58.1-439.12:08 and 58.1-439.12:11 of the Code of Virginia, relating to research and development tax credits.

21101371D

S.B. 1158

Patron: Spruill

Port of Virginia tax credits; sunset. Extends the sunset for the international trade facility tax credit, the barge and rail usage tax credit, and the port volume increase tax credit from taxable years before January 1, 2022, to taxable years before January 1, 2025.

A BILL to amend and reenact §§ 58.1-439.12:06, 58.1-439.12:09, and 58.1-439.12:10 of the Code of Virginia, relating to Port of Virginia tax credits; sunset.

21102042D

S.B. 1170

Patron: Norment

Additional local sales and use tax to support schools. Adds Isle of Wight County to the list of localities that, under current law, are authorized to impose an additional local sales and use tax at a rate not to exceed one percent, with the revenue used only for capital projects for the construction or renovation of schools.

A BILL to amend and reenact §§ 58.1-602 and 58.1-605 of the Code of Virginia, relating to additional local sales and use tax to support schools.

21100824D