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HB332

Income tax, state and corporate; credit for small businesses.

Status:
Killed

Chief Patron:
Christopher Head (R)

Session:
2022 Regular Session

Summary

As Introduced. 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. (Less)

  • Bill History

  • 01/11/2022 - House: Prefiled and ordered printed; offered 01/12/22 22104247D
  • 01/11/2022 - House: Referred to Committee on Finance
  • 01/27/2022 - House: Assigned Finance sub: Subcommittee #1
  • 02/03/2022 - House: Impact statement from TAX (HB332)
  • 02/04/2022 - House: House subcommittee amendments and substitutes offered
  • 02/04/2022 - House: Subcommittee recommends reporting with amendments (5-Y 3-N)
  • 02/04/2022 - House: Subcommittee recommends referring to Committee on Appropriations
  • 02/07/2022 - House: House committee, floor amendments and substitutes offered
  • 02/07/2022 - House: Reported from Finance with amendment(s) (11-Y 10-N)
  • 02/07/2022 - House: Referred to Committee on Appropriations
  • 02/15/2022 - House: Left in Appropriations

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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