HB 2514

Abstract

Income tax credit; advertising in local newspapers and media. Creates, for taxable years 2025 through 2029, a nonrefundable income tax credit for eligible small businesses with fewer than 50 employees for certain expenses incurred for local media advertising in a local newspaper or in a broadcast of a local radio or television station. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 80 percent of the actual amounts paid or incurred for qualified local media advertising expenses or $4,000 and (ii) in subsequent taxable years, the lesser of 50 percent of the actual amounts paid or incurred for qualified local media advertising expenses during such taxable year or $2,000. The credit includes an aggregate cap of $10 million per taxable year.

A BILL to amend the Code of Virginia by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:13, relating to income tax credit; advertising in local newspapers and media.