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1994 SESSION

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SB 606 Major business facility job tax credit.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Major business facility job tax credit. Provides a $1,000 tax credit for qualified full-time employees for major business facilities which create at least 100 qualified full-time jobs. However, the credit applies only to those employees hired in excess of 100, which is the base or threshold amount. The credit is applicable to new and expanding businesses and includes manufacturing and mining, as well as corporate headquarters-type facilities. In enterprise zones or economically distressed areas, the base or threshold is lowered to 50 newly created jobs. All taxpayers, regardless of the form of their business, may qualify for the credit. The credit is effective for taxable years 1995 through 2005.


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