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1995 SESSION
LD8589322Be 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.