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2020 SESSION

• | print version

HB 1146 Income tax, state; credit for existing business growth.

Introduced by: William C. Wampler III | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax credit; existing business growth. Provides a nonrefundable income tax credit equal to five percent of total corporate income taxes owed by certain small businesses in existence for at least two years that reach new full-time employee hiring thresholds during two-year qualifying periods. The credit is available for taxable years 2020 through 2039 and is awarded for the taxable year during which each qualifying period ends. Existing businesses qualify for the tax credit on the basis of their size during the qualifying period. The credit may be claimed only once in each qualifying period. Businesses claiming the credit may carry over unused credit for the next five taxable years or until the total amount of the credit has been taken, whichever occurs first.

FULL TEXT

• 01/07/20  House: Prefiled and ordered printed; offered 01/08/20 20103534D  pdf | impact statement

HISTORY

• 01/07/20  House: Prefiled and ordered printed; offered 01/08/20 20103534D
• 01/07/20  House: Referred to Committee on Finance
• 01/29/20  House: Assigned Finance sub: Subcommittee #1
• 02/11/20  House: Left in Finance