VA SB457 | 2021 | Regular Session

Note: Carry Over of previous SB457

Status

Spectrum: Partisan Bill (Republican 5-0)
Status: Introduced on January 7 2020 - 25% progression, died in committee
Action: 2020-12-04 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Individual and corporate income tax credit; employers of National Guard members and self-employed National Guard members. Provides for taxable years 2020 through 2024 a nonrefundable tax credit against individual and corporate income taxes for (i) wages paid by an employer to an employee who is an active or reserve Virginia National Guard member or (ii) income of a self-employed active or reserve Virginia National Guard member attributable to his business. The amount of the credit shall be 25 percent if such member was in a military pay status for 65 days or more during such taxable year or 15 percent if such member was in a military pay status for at least 45 days but less than 65 days during such taxable year. The credit shall not be allowed if such member was in a military pay status for less than 45 days during such taxable year. The bill allows a taxpayer to carry unused credits over for up to five taxable years.

Tracking Information

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Title

Income tax, state and corporate; tax credit for employers of National Guard members.

Sponsors


Roll Calls

2020-01-29 - Senate - Senate: Continued to 2021 in Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2020-12-04SenateLeft in Finance and Appropriations
2020-01-29SenateContinued to 2021 in Finance and Appropriations (15-Y 0-N)
2020-01-08SenateMoved from Finance to Finance and Appropriations due to a change of the committee name
2020-01-07SenateReferred to Committee on Finance and Appropriations
2020-01-07SenatePrefiled and ordered printed; offered 01/08/20 20102174D

Same As/Similar To

SB457 (Carry Over) 2020-01-29 - Continued to 2021 in Finance and Appropriations (15-Y 0-N)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581339.13(n/a)See Bill Text

Virginia State Sources


Bill Comments

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