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1998 SESSION

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HB 1348 Shipbuilding industry tax credit.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Shipbuilding industry tax credit. Creates two credits against employee income tax withholding payments for contributions by a qualified shipbuilder for a certified carrier platform integration center. A qualified shipbuilder is a corporation that employs more than 10,000 persons in Virginia and invests at least $30 million in a shipbuilding facility in Virginia in the year preceding the first year a credit is claimed, $35 million in the year preceding the second year a credit is claimed, and $50 million for further years. The credit may be taken against withholding taxes on wages earned between July 1, 1998, and December 31, 2003. The investment credits shall not exceed $8 million in fiscal year 1999, $30 million in fiscal year 2000, and $20 million in fiscal year 2001. The operations credit shall not exceed $20 million in any fiscal year and $40 million in the aggregate. It is the General Assembly's intent that no additional credit be granted for a period of 10 years to qualified shipbuilders receiving this credit.


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