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2023 SESSION
HB 1367 Income tax, state; tax credit for employer contributions to Virginia College Savings Plan accounts.
Introduced by: Carrie E. Coyner | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax credit; employer contributions to Virginia College Savings Plan accounts. Provides a nonrefundable income tax credit for taxable years 2023 through 2027 for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the bill specifies that the credit shall not exceed $500 annually for each such employee. If the employee receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the bill specifies that the credit shall not exceed $1,000 annually for each such employee. The bill provides that the total amount of tax credits available for a calendar year shall not exceed $5 million and that any unused tax credit may be carried over for three years.
FULL TEXT
HISTORY
- 07/18/22 House: Prefiled and ordered printed; offered 01/11/23 23100051D
- 07/18/22 House: Referred to Committee on Finance
- 01/19/23 House: Assigned Finance sub: Subcommittee #3
- 01/27/23 House: Subcommittee recommends reporting (8-Y 0-N)
- 01/27/23 House: Subcommittee recommends referring to Committee on Appropriations
- 02/01/23 House: Reported from Finance (19-Y 3-N)
- 02/01/23 House: Referred to Committee on Appropriations
- 02/03/23 House: Tabled in Appropriations (20-Y 0-N)