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1999 SESSION

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HB 2728 Corporate income tax; tax credit for tobacco purchases.

Introduced by: Frank M. Ruff | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; tax credit for tobacco purchases. Grants a tax credit to any corporation which purchases tobacco from Virginia warehouses for taxable years beginning January 1, 1999, and ending January 1, 2001. The credit is equal to fifty percent of the purchases made in excess of the amount of tobacco purchased by such corporation from Virginia warehouses in 1997, not to exceed $500,000 or the taxpayer’s liability, whichever is less in the year of purchase. Any unused credit may be carried over for five years.

FULL TEXT

• 01/21/99  House: Presented & ordered printed 993690442  pdf

HISTORY

• 01/21/99  House: Presented & ordered printed 993690442
• 01/26/99  House: Referred to Committee on Finance
• 02/10/99  House: No action taken by Finance by voice vote