Limit Tax Credits (language only)

Item 3-5.01 #4s

Language
Page 529, after line 20, insert:
“§ 3-5.00  MODIFICATIONS AND ADJUSTMENTS TO TAXES AND FEES
§ 3-5.01  LIMIT THE TAX CREDIT FOR RETALIATORY COSTS PAID TO OTHER STATES
Notwithstanding any other provision of law, for license years beginning on July 1, 2002, the amount of the Tax Credit for Retaliatory Costs to Other States available under § 58.1-2510 of the Code of Virginia for those companies not receiving a credit for the license year beginning on January 1, 2000 shall be limited to eighty percent of the retaliatory costs paid to other states for those companies or groups having more than 100 qualified full-time employees in this Commonwealth during the entire license year and who met the definition of "qualified investment" on or after January 1, 2001 and the credit shall be sixty percent for license years beginning on July 1, 2003.
§ 3-5.02  LIMIT THE QUALIFIED EQUITY AND SUBORDINATED DEBT INVESTMENTS TAX CREDIT
Notwithstanding any other provision of law, for taxable years beginning on January 1, 2001, the amount of the Qualified Equity and Subordinated Debt Investments Tax Credit available under § 58.1-339.4 of the Code of Virginia shall be limited to $4,000,000 for calendar year 2002 and $3,000,000 for calendar year 2003.

Explanation
(This amendment specifies limits on certain tax credits.)