Bryce E. Reeves
- District 17
Individual and corporate income tax credit;employers of National Guard members and self-employed National Guardmembers. Provides for taxable years 2020 through 2024 a nonrefundabletax credit against individual and corporate income taxes for (i) wages paid by an employer to an employee who is an active or reserveVirginia National Guard member or (ii) income of a self-employedactive or reserve Virginia National Guard member attributable to his business. The amount of the credit shall be 25 percent if such memberwas in a military pay status for 65 days or more during such taxableyear or 15 percent if such member was in a military pay status forat least 45 days but less than 65 days during such taxable year.The credit shall not be allowed if such member was in a military pay status for less than 45 days during such taxable year. The billallows a taxpayer to carry unused credits over for up to five taxableyears.
Left in Finance and Appropriations
Continued to 2021 in Finance and Appropriations (15-Y 0-N)
Impact statement from TAX (SB457)
Moved from Finance to Finance and Appropriations due to a change of the committee name
Prefiled and ordered printed; offered 01/08/20 20102174D
Referred to Committee on Finance and Appropriations
|Bill Text Versions||Format|
|Prefiled and ordered printed; offered 01/08/20 20102174D||HTML|
|Fiscal Impact Statement: SB457F161.PDF|
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