HB 858

Abstract

Economic development; incentives to attractknowledge workers. Provides, for taxable years 2022 through 2027,an income tax deduction for 50 percent of the amount a qualified knowledge worker, defined in the bill, pays for residential highspeed internet access or $600, whichever is less. The bill providesa tax credit for qualified knowledge workers for the purchase ofa residential electric vehicle charger, in an amount equal to 50percent of the former federal tax credit for an electric vehiclecharger. The bill also provides an income tax credit for qualifiedknowledge workers in an amount equal to the sales tax paid for upto $5,000 of certain computer equipment. For the deduction and bothcredits, the amounts provided are doubled if the qualified knowledgeworker resides in a locality that has lost more than 10 percent ofits population since the 2010 census. Qualified knowledge workeris defined in the bill as an individual who establishes new domicilein Virginia and who possesses advanced skills in the field of information technology, including network engineers, software developers, datascientists, and artificial intelligence, machine learning, or quantumcomputing professionals. The bill provides that no more than $1 millionin credits shall be issued in any taxable year and that such creditsshall be allocated evenly between distressed and non-distressed localities.