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2021 SESSION
SB 218 Income tax, 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 2020 through 2024 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 Virginia 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
- 12/30/19 Senate: Prefiled and ordered printed; offered 01/08/20 20100807D
- 12/30/19 Senate: Referred to Committee on Finance and Appropriations
- 01/08/20 Senate: Moved from Finance to Finance and Appropriations due to a change of the committee name
- 01/29/20 Senate: Continued to 2021 in Finance and Appropriations (15-Y 0-N)
- 12/04/20 Senate: Left in Finance and Appropriations