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1997 SESSION

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SB 914 Major business facility job tax credit.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY:

Major business facility job tax credit. Excludes positions in buildings and grounds maintenance, security, and other positions which are ancillary to the principal activities performed by employees at a major business facility from qualifying as new permanent full-time positions. The major business facility job tax credit program provides major business facilities with a tax credit of $1,000 per new permanent full-time position. Employees of a contractor or subcontractor are included in the number of employees at a major business facility if the employees are permanently assigned to the facility and the contractor or subcontractor agrees not to claim a tax credit for them. The measure also prohibits a person from obtaining both the major business facility job tax credit and the coalfield employment enhancement tax credit, and excludes persons operating a horse racing business from claiming a major business facility job tax credit. These provisions apply to major business facilities established or expanded on or after January 1, 1997. The measure also (i) clarifies that the tax credit shall be granted to the person paying unemployment compensation tax on the qualified full-time employees, (ii) repeals the requirement that the Department of Taxation certify the eligibility of major business facilities, and (iii) provides that a company engaged in any business other than a retail trade business may qualify as a major business facility; these provisions are declaratory of existing law. Finally, the bill limits the credit which is related to the establishment or expansion of all major business facilities during a 24-month period ending between January 1, 1995, and December 31, 1996, to $750,000, for any taxpayer which includes employees of a contractor or subcontractor as qualified full-time employees in computing its credit.


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