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1998 SESSION
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.
FULL TEXT
- 01/26/98 House: Presented & ordered printed 988918204 pdf
- 02/19/98 House: Printed as engrossed 988918204-E pdf
AMENDMENTS
HISTORY
- 01/26/98 House: Presented & ordered printed 988918204
- 01/26/98 House: Referred to Committee on Finance
- 01/29/98 House: Assigned to Finance sub-committee: 2
- 02/17/98 House: Reported from Finance with amd. (24-Y 0-N)
- 02/18/98 House: Read first time
- 02/19/98 House: Read second time
- 02/19/98 House: Committee amendment agreed to
- 02/19/98 House: Motion for pending question agreed to
- 02/19/98 House: Pending question ordered
- 02/19/98 House: Engrossed by House as amended
- 02/19/98 House: Printed as engrossed 988918204-E
- 02/20/98 House: Read third time and passed House (94-Y 3-N)
- 02/20/98 House: VOTE: PASSAGE (94-Y 3-N)
- 02/20/98 House: Communicated to Senate
- 02/23/98 Senate: Constitutional reading dispensed
- 02/23/98 Senate: Referred to Committee on Finance
- 03/03/98 Senate: Continued to 1999 in Finance (12-Y 4-N)