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2004 Session

Budget Bill - HB29 (Introduced)

Item 3-5.04

Item 3-5.04 (Not set out)

§ 3-5.04 RETALIATORY COSTS TO OTHER STATES TAX CREDIT


Notwithstanding any other provision of law, for license years beginning on July 1, 2003, and the taxable year ending on December 31, 2003, the amount of the Tax Credit for Retaliatory Costs to Other States available under § 58.1-2510, Code of Virginia for those companies not receiving a credit for the taxable year 2000, shall be limited to 80 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. For license years beginning on July 1, 2004, and the taxable year ending on December 31, 2004, the amount of the Tax Credit shall be limited to 60 percent for these same companies or groups.