VA SB540 | 2022 | Regular Session
Note: Carry Foward to future SB540
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-02-10 - Continued to 2023 in Finance and Appropriations (12-Y 4-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-02-10 - Continued to 2023 in Finance and Appropriations (12-Y 4-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Income tax credit; small businesses. Provides, in taxable year 2022, an individual or corporate income tax credit, as applicable for an eligible small business, defined in the bill as a (i) (a) pass-through entity that employs fewer than 50 employees and that has no more than $10 million in gross receipts during such taxable year or (b) self-employed individual or (ii) corporation that is at least 51 percent independently owned by one or more United States citizens or legal resident aliens, employs fewer than 50 employees together with affiliates, and has no more than $10 million in gross receipts during the taxable year, and where the individual business owners must control both the management and daily operations of the business. The individual income tax credit is equal to the amount of Virginia income tax owed on up to $250,000 of personal income during such taxable year and the credit for a corporation equals the amount of Virginia income tax owed during such taxable year on up to $250,000 of the amount that is not deductible when computing federal tax due to Virginia's deconformity from certain provisions of the federal Consolidated Appropriations Act of 2020. The credit is subject to an aggregate cap of $75 million. Income tax credit; small businesses. Provides, in taxable year 2022, an individual or corporate income tax credit, as applicable for an eligible small business, defined in the bill as a (i) (a) pass-through entity that employs fewer than 50 employees and that has no more than $10 million in gross receipts during such taxable year or (b) self-employed individual or (ii) corporation that is at least 51 percent independently owned by one or more United States citizens or legal resident aliens, employs fewer than 50 employees together with affiliates, and has no more than $10 million in gross receipts during the taxable year, and where the individual business owners must control both the management and daily operations of the business. The individual income tax credit is equal to the amount of Virginia income tax owed on up to $250,000 of personal income during such taxable year and the credit for a corporation equals the amount of Virginia income tax owed during such taxable year on up to $250,000 of the amount that is not deductible when computing federal tax due to Virginia's deconformity from certain provisions of the federal Consolidated Appropriations Act of 2020. The credit is subject to an aggregate cap of $75 million.
Title
Income tax, state and corporate; credit for small businesses.
Sponsors
| Sen. Mark Peake [R] | Sen. Frank Ruff [R] |
Roll Calls
2022-02-10 - Senate - Senate: Continued to 2023 in Finance and Appropriations (12-Y 4-N) (Y: 12 N: 4 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-02-10 | Senate | Continued to 2023 in Finance and Appropriations (12-Y 4-N) |
| 2022-01-12 | Senate | Referred to Committee on Finance and Appropriations |
| 2022-01-12 | Senate | Prefiled and ordered printed; offered 01/12/22 22103769D |
Same As/Similar To
SB540 (Carry Over) 2022-02-10 - Continued to 2023 in Finance and Appropriations (12-Y 4-N)
