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2020 SESSION
HB 926 Income tax, state; credit for employer contributions to Virginia College Savings Plan accounts.
Introduced by: Carrie E. Coyner | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax credit; employer contributions to Virginia College Savings Plan accounts. Provides a nonrefundable income tax credit for taxable years beginning on or after January 1, 2020, but before January 1, 2025, for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the credit shall not exceed $500 annually for each such employee. If the recipient receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the credit shall not exceed $1,000 annually for each such employee. The total amount of tax credits available for a calendar year shall not exceed $5 million. Any unused tax credit may be carried over for three years.
FULL TEXT
HISTORY
- 01/07/20 House: Prefiled and ordered printed; offered 01/08/20 20104095D
- 01/07/20 House: Referred to Committee on Finance
- 01/14/20 House: Assigned Finance sub: Subcommittee #1
- 01/20/20 House: Subcommittee recommends laying on the table (6-Y 3-N)
- 02/11/20 House: Left in Finance