HOUSE BILL 965

Sponsored By:

Delegates Barve and Branch

Entitled:

Income Tax Credit - General Services Administration Schedules Program - Preparation Expenses

Synopsis:

Allowing individuals or corporations to claim a credit against the State income tax for up to 50% of qualified preparation expenses related to specified General Services Administration program applications and contract proposals; providing for the application to the Department of Business and Economic Development for approval of the credit and specified certification; providing that the credit may not exceed the State income tax for the taxable year and that any unused credit may not be carried over to any other taxable year; etc.

History by Legislative and Calendar Date

House Action

2/10

First Reading Ways and Means

2/15

Hearing 3/2 at 1:00 p.m.

3/24

Favorable with Amendments Report by Ways and Means

3/21

Favorable with Amendments {765461/1 Report Adopted

Second Reading Passed with Amendments

3/22

Third Reading Passed (126-8)

Senate Action

3/22

First Reading Budget and Taxation

3/29

Hearing 4/4 at 1:00 p.m.

Sponsored by:

Delegate Kumar P. Barve, District 17

Delegate Talmadge Branch, District 45

Bill indexed under the following Subjects:

Business and Economic Development, Department of

Comptroller

Contractors -see also- Heating & Cooling; Home Improvement

Contracts -see also- Land Installment Contracts; Procurement

Federal Government

Income Tax

Procurement

Reports

Tax Credits -see also- Circuit Breaker

Bill affects the following Statute:

Tax - General

( 10-731 )

Documents

Bill Text: First Reading, Third Reading, Enrolled

Fiscal and Policy Note: Available

Amendments:

House

Number: 765461/01     Offered on: March 24, 2012   at: 5:40 p.m.     Status: Adopted

Committee Votes :

House

Ways and Means

Roll Call Vote (Legislative date is shown):

House

March 22, 2012: Third Reading Passed (126-8)