SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2022 SESSION

  • | print version

HB 290 Income tax, 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 2022 through 2026 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 bill provides that the amount of the credit is 25 percent if such member was in a military pay status for 65 days or more during the taxable year or 15 percent if such member was in a military pay status for 45 to 64 days during the taxable year. The credit is not allowed if such member was in a military pay status for fewer than 45 days during the taxable year.


FULL TEXT

HISTORY