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1998 SESSION

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HB 265 Major business facility job tax credit.

Introduced by: Eric I. Cantor | all patrons    ...    notes | add to my profiles

SUMMARY:

Major business facility job tax credit. Allows two or more affiliated companies to aggregate the number of jobs created for qualified full-time employees in order to meet the requirements for the tax credit. The act currently conditions eligibility on the creation of at least 100 jobs for qualified full-time employees (or 50 jobs if located in an enterprise zone). Companies will be affiliated if (i) one company owns at least 80 percent of the voting power of the other or others or (ii) at least 80 percent of the voting power of two or more companies is owned by the same interests. The measure applies to major business facilities established or expanded on or after January 1, 1997.


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