SB 540

  • Virginia Senate Bill
  • 2022 Regular Session
  • Introduced in Senate Jan 12, 2022
  • Senate
  • House
  • Governor

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

Abstract

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.

Bill Sponsors (2)

Votes


Actions


Feb 10, 2022

Senate

Continued to 2023 in Finance and Appropriations (12-Y 4-N)

Feb 08, 2022

Senate

Senate subcommittee amendments and substitutes offered

Feb 04, 2022

Senate

Impact statement from TAX (SB540)

Jan 12, 2022

Senate

Prefiled and ordered printed; offered 01/12/22 22103769D

Senate

Referred to Committee on Finance and Appropriations

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/12/22 22103769D PDF HTML

Related Documents

Document Format
Fiscal Impact Statement: SB540F161.PDF PDF

Sources

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