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1998 SESSION

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HB 80 Insurance companies; retaliatory tax credit.

Introduced by: C. Richard Cranwell | all patrons    ...    notes | add to my profiles

SUMMARY:

Retaliatory tax credit. Provides certain insurance companies headquartered in Virginia with a credit against their Virginia gross premium tax liability in an amount equal to the retaliatory costs incurred. To be eligible for the tax credit, a company must (i) by December 31, 1997, increase the number of permanent full-time employees by at least 325 above the number on December 31, 1996, or (ii) have more than 100 permanent full-time employees in any taxable year beginning on or after January 1, 2001. Members of an affiliated insurance group will be counted as one company for purposes of determining the amount of expenditures and number of employees. Excess credits of up to $800,000 in any year are refundable. Unused credits may be carried forward for five years.


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