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1998 SESSION

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HB 1359 Qualified equity and subordinated debt investments tax credit.

Introduced by: James M. Scott | all patrons    ...    notes | add to my profiles

SUMMARY:

Qualified equity and subordinated debt investments tax credit. Provides a tax credit, beginning January 1, 1999, in an amount equal to 50 percent of the taxpayer's cash investments in the form of equity or subordinated debt in certain qualified businesses. A qualified business must have annual gross revenues of no more than $5 million, be domiciled in the Commonwealth, be engaged in business primarily or do substantially all of its production in the Commonwealth and not be engaged in certain types of businesses, including banking, credit or finance, accounting, insurance, construction, and business consulting. The credit shall not exceed the lesser of the tax imposed on the taxpayer for the taxable year in which the credit is sought or $50,000. Any unused credit may be carried over for 15 years. Total credits available for any calendar year shall be $5 million. If such investments are not held for at least five years, the taxpayer must forfeit used and unused credits, plus penalty, to the Department of Taxation.


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