VA HB381 | 2014 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 3 2014 - 25% progression, died in committee
Action: 2014-02-05 - Continued to 2015 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Tax credit; principal paid on business loans. Establishes an individual income tax credit based on the amount attributable to a Virginia income tax deduction associated with the principal paid by an eligible business on a loan during the taxable year. The credit would equal the lesser of (i) the product of .0575 and 75 percent of the principal paid on all business loans during the year, but not to exceed an aggregate of $3,500, or (ii) the amount of individual income tax imposed for the year. Eligible businesses are defined as businesses (a) having at least $100,000 but not in excess of $5 million in gross receipts or gross revenues for the year, (b) with at least three full-time employees for at least six continuous months of the year, and (c) that have not been operating for more than five years.

Tracking Information

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Title

Income tax, state; tax credit for principal paid on business loans.

Sponsors


History

DateChamberAction
2014-02-05HouseContinued to 2015 in Finance by voice vote
2014-02-05HouseSubcommittee recommends continuing to 2015 by voice vote
2014-01-28HouseAssigned Finance sub: Subcommittee #2
2014-01-03HouseReferred to Committee on Finance
2014-01-03HousePrefiled and ordered printed; offered 01/08/14 14102328D

Subjects


Code Citations

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

Virginia State Sources


Bill Comments

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