3-5.16#1c (Coalfield Employment Enhancement Tax Credit) Eliminate Proposal Capping Coalfield Employment Enhancement Tax Credit. SB800

State Budget

2015 Session

Budget Amendments - SB800 (Conference Report)

Bill Order » Item 3-5.16 #1c

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Eliminate Proposal Capping Coalfield Employment Enhancement Tax Credit (language only)

Item 3-5.16 #1c

Item 3-5.16 #1c
Adjustments and Modifications to Tax Collections
Coalfield Employment Enhancement Tax Credit

Language
Page 517, line 17, after "§ 3-5.16" strike the remainder of the line and insert:
"Omitted."
Page 517, strike lines 18 through 21.

Explanation
(This amendment eliminates a proposal contained in HB 1400 / SB 800 that would cap the Coalfield Employment Enhancement Tax Credit at $500,000 per return. Legislation proposing this change was not adopted by the 2015 General Assembly.)

Item 3-5.16

Item 3-5.16

§ 3-5.16 COALFIELD EMPLOYMENT ENHANCEMENT TAX CREDIT

Notwithstanding any other provision of law, for Virginia income tax returns filed for Taxable Year 2015 and thereafter, the amount of the Coalfield Employment Enhancement Tax Credit claimed or redeemed under § 58.1-439.2, Code of Virginia, shall be limited to $500,000 per return. Any remaining credit amount may be carried over to the extent usable for the next 5 succeeding taxable years or until the full credit is utilized, whichever is sooner.

State Budget

2015 Session

Budget Amendments - SB800 (Conference Report)

Eliminate Proposal Capping Coalfield Employment Enhancement Tax Credit (language only)

Item 3-5.16 #1c

Item 3-5.16 #1c

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Item 3-5.16