Income tax, state; eligibility of companies for apportionment modification.
Sponsored By: James W. Morefield (Republican)
Failed
Summary
Income tax; eligibility of companies for apportionment modification; certification by the Virginia Economic Development Partnership Authority. Extends from January 1, 2025, to January 1, 2031, the date after which a corporation or pass-through entity that did not have any existing property or payroll in Virginia as of January 1, 2018, shall constitute an eligible company if such entity (i) either (a) spends at least $5 million on new capital investment in a qualified locality or qualified localities and creates at least 10 new jobs in such locality or localities or (b) creates at least 50 new jobs in a qualified locality or qualified localities, (ii) is a traded-sector company, and (iii) is certified by the Virginia Economic Development Partnership Authority as generating a positive fiscal impact. The bill also extends from January 1, 2025, to January 1, 2031, the date prior to which an eligible company may (a) acquire property in or create jobs in any qualified locality or qualified localities and (b) subtract the value of such property acquired from the property factor or the value of such payroll attributable to such jobs created from the payroll factor from the numerator used in determining its taxable income apportionable to the Commonwealth.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
James W. Morefield
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Left in Finance
2/4/2025HouseImpact statement from TAX (HB2646)
1/21/2025HouseAssigned Finance sub: Subcommittee #2
1/20/2025HouseReferred to Committee on Finance
1/14/2025HousePresented and ordered printed 25104551D
1/14/2025House
Bill Text
Introduced
1/14/2025
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