Virginia House Bill 381 (Prior Session Legislation)

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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]

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.

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

Del. Glenn Davis [R]

Date	Chamber	Action
2014-02-05	House	Continued to 2015 in Finance by voice vote
2014-02-05	House	Subcommittee recommends continuing to 2015 by voice vote
2014-01-28	House	Assigned Finance sub: Subcommittee #2
2014-01-03	House	Referred to Committee on Finance
2014-01-03	House	Prefiled and ordered printed; offered 01/08/14 14102328D

Chapter	Article	Section	Citation Type	Statute Text
58	1	339.13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB381
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB381+hil