All Roll Calls
Yes: 0 • No: 0
VirginiaHB9612025 Regular SessionHouse
Income tax, state; Virginia local journalism sustainability credits.
Sponsored By: Alfonso H. Lopez (Democratic)
Failed
Summary
Virginia local journalism sustainability tax credits. Creates a nonrefundable income tax credit for eligible local newspaper publishers, defined in the bill, for compensation paid to local news journalists. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 10 percent of the actual amounts paid in wages to local news journalists during such taxable year or $5,000 and (ii) in subsequent taxable years, the lesser of five percent of the actual amounts paid in wages to local news journalists during such taxable year or $2,500. The credit includes an aggregate cap of $5 million per taxable year. The bill also creates a nonrefundable income tax credit for eligible small businesses with fewer than 50 employees for certain expenses incurred for local media advertising in a local newspaper or in a broadcast of a local radio or television station. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 80 percent of the actual amounts paid or incurred for qualified local media advertising expenses or $4,000 and (ii) in subsequent taxable years, the lesser of 50 percent of the actual amounts paid or incurred for qualified local media advertising expenses during such taxable year or $2,000. The credit includes an aggregate cap of $10 million per taxable year. Each of the credits may be claimed in taxable years beginning on and after January 1, 2024, but before January 1, 2029.
Finance
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Alfonso H. Lopez
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 1/31/2024
Continued to 2025 with amendment(s) in Finance (Voice Vote)
Yes: 0 • No: 0
House vote • 1/29/2024
Subcommittee recommends continuing to 2025 with amendment(s) (Voice Vote)
Yes: 0 • No: 0
Actions Timeline
Left in Finance
11/18/2024HouseContinued to 2025 with amendment(s) in Finance (Voice Vote)
1/31/2024HouseSubcommittee recommends continuing to 2025 with amendment(s) (Voice Vote)
1/29/2024HouseImpact statement from TAX (HB961)
1/28/2024HouseAssigned Finance sub: Subcommittee #1
1/25/2024HouseReferred to Committee on Finance
1/9/2024HousePrefiled and ordered printed; offered 01/10/24 24101547D
1/9/2024House
Bill Text
Introduced
1/29/2024
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