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1995 SESSION

LD8589322
HOUSE BILL NO. 1972
Offered January 20, 1995
A BILL to amend the Code of Virginia by adding a section numbered 58.1-438.2, relating to creation of a tax credit for employers who provide day-care facilities near the work site for children of employees.
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Patrons--Kilgore; Senator: Wampler
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-438.2 as follows:

§ 58.1-438.2. Tax credit for employers providing day-care facilities near the work site for children of employees.

A. For taxable years beginning on and after January 1, 1995, any taxpayer who, as an employer, provides day-care facilities near the work site for children of employees of the taxpayer, shall be entitled to a credit against the tax imposed by either § 58.1-320 or § 58.1-400. The taxpayer is entitled to the credit regardless of whether a fee is charged for providing such day-care facilities.

B. The amount of such credit shall not exceed $300 per enrolled child, or the total amount of tax imposed by either § 58.1-320 or § 58.1-400, whichever is less, in the first year the credit is claimed. The amount of the credit in subsequent years shall not exceed $100 per enrolled child, or the total amount of tax imposed by either § 58.1-320 or § 58.1-400, whichever is less.

C. The employer-provided facilities must comply with the standards and licensing procedures prescribed by the State Board of Social Services and the Child Day-Care Council pursuant to Chapter 10 (§ 63.1-195 et seq) of Title 63.1.

D. Credits granted to a partnership or S Corporation shall be passed through to the partners or shareholders, respectively.