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1998 SESSION

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HB 696 Tax credit for certain employers hiring recipients of TANF.

Introduced by: Robert F. McDonnell | all patrons    ...    notes | add to my profiles

SUMMARY:

Tax credit for certain employers hiring recipients of Temporary Assistance to Needy Families (TANF). Provides a tax credit, beginning January 1, 1999, to employers that hire TANF recipients. To be eligible, an employer must have not more than 100 employees. The amount of the credit per qualified employee is five percent of his annual salary or $750 per year, whichever is less. The employer must provide written evidence to the Tax Commissioner that the employee meets the qualifications. Any employer receiving a grant under the Virginia Targeted Jobs Grant Program shall not be eligible for the TANF tax credit. The tax credits claimed under this bill, when added to the amount of grants under the Targeted Jobs Grant Program, cannot exceed the amount appropriated for the Targeted Jobs Grant Fund.


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