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HB1241

Income tax, state; modifications for certain companies in economically distressed localities.

Status:
Killed

Chief Patron:
Steve Heretick (D)

Session:
2020 Regular Session

Summary

As Introduced. Income tax modifications for certain companies in economically distressed localities.

Adds the City of Portsmouth to the list of economically distressed localities in which a company may invest to become eligible for certain income tax modifications. Under current law, a company is eligible for such modifications if, among other things, it either (i) invests at least $5 million in new capital investment in a qualified locality and creates at least 10 jobs paying at least 150 percent of the minimum wage in a qualified locality or (ii) creates at least 50 jobs paying at least 150 percent of the minimum wage in a qualified locality. (Less)

  • Bill History

  • 01/08/2020 - House: Prefiled and ordered printed; offered 01/08/20 20103381D
  • 01/08/2020 - House: Referred to Committee on Finance
  • 01/16/2020 - House: Assigned Finance sub: Subcommittee #1
  • 01/18/2020 - House: Impact statement from TAX (HB1241)
  • 01/20/2020 - House: Subcommittee failed to recommend reporting (3-Y 5-N)
  • 02/11/2020 - House: Left in Finance

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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