Continue Credit Cap (language only)
Item 3-6.04 #1h
Item 3-6.04 #1h | | | |
| Adjustments and Modifications to Fees |
| QUALIFIED EQUITY and SUBORDINATED DEBT INVESTMENT TAX CREDIT |
Language
Page 400, after line 6, insert:
"Notwithstanding any other provision of law, for taxable years beginning on or after January 1, 2006, the amount of the Qualified Equity and Subordinated Debt Investments Tax Credit available under § 58.1-339.4, Code of Virginia, shall be limited to $3,000,000 for calendar years 2006 and thereafter, except that for taxable years beginning on or after January 1, 2010, and before December 31, 2010, the credit shall be capped at $5,000,000. For taxable years beginning on and after January 1, 2011, the amount of the Qualified Equity and Subordinated Debt Investments Tax Credit available under §58.1-339.4, Code of Virginia, shall be limited to $3,000,000."
Explanation
(This amendment continues language in Chapter 890, Acts of Assembly of 2011, relating to the Qualified Equity and Subordinated Debt Investment Tax Credit.)