Menu
2020 Session

Budget Amendments - SB30 (Committee Approved)

View Budget Item
View Budget Item amendments

Sunset Dates for Income Tax Credits and Sales and Use Tax Exemptions (language only)

Item 3-5.14 #1s

Item 3-5.14 #1s

Adjustments and Modifications to Tax Collections
Sunset Dates for Income Tax Credits and Sales and Use Tax Exemptions

Language

Page 523, line 20, strike "2022" and insert 2025".

Page 523, line 21, strike "2021" and insert 2020".

Page 523, line 21, after "June 30, 2022.", insert: "Any new sales tax exemption or tax credit enacted by the General Assembly after the 2019 regular legislative session, but prior to the 2024 regular legislative session shall have a sunset date not later than June 30, 2025."

Page 523, line 24, after "or to the", strike "the Motion Picture Production Tax Credit under § 58.1-439.12:03," and insert "(i) Research and Development Tax Credit under § 58.1-439.12:08, Code of Virginia, and (ii) Major Research and Development Tax Credit under § 58.1-439.12:11,"

Page 523, line 28, strike "2022" and insert "2025".



Explanation

(This amendment generally prohibits enacting new tax credits or exemptions with no sunset date or a sunset date past June 30, 2025, that are enacted after the 2019 regular session of the General Assembly. The amendment also provides for an exception to the prohibition for the sales and use tax exemption for data center equipment and for research and development tax credits.)