1996 Regular Session

HOUSE BILL 240

File Code: Economic and Community Development Prior Year Introduction As: HB 526/94 - W&M
Sponsored By:
Delegates Gordon, Heller, Howard, Hixson, Beck, C. Davis, Shriver, and Workman
Entitled:
Enterprise Zones - Income Tax Credits for New Businesses

Synopsis:

Altering requirements for an area to be designated as an enterprise zone within which businesses may benefit from incentives and initiatives provided by the State; allowing a credit against the State income tax for a portion of the project costs for economic development projects initiated by new businesses in enterprise zones; providing for calculation of the credit; requiring the Secretary of Business and Economic Development to adopt regulations; requiring specified additional modifications if a credit is claimed; etc.

Legislative History

House Action
1/22
First Reading Ways and Means
2/5
Hearing 2/14 at 2:00 p.m.
3/14
Unfavorable Report by Ways and Means
Senate Action
No Action
Sponsored by:
Delegate Michael R. Gordon, District 17
Delegate Raymond Beck, District 39
Delegate Clarence Davis, District 45
Delegate Henry B. Heller, District 19
Delegate Sheila Ellis Hixson, District 20
Delegate Carolyn J. B. Howard, District 24
Delegate Mark K. Shriver, District 15
Delegate Betty Workman, District 1B
Bill indexed under the following Subjects:
BUSINESS AND ECONOMIC DEVELOPMENT, DEPARTMENT OF
COMMERCE AND BUSINESS -see also- SMALL BUSINESS
ENTERPRISE ZONES
INCOME TAX
RULES AND REGULATIONS
TAX CREDITS
Bill affects the following Statutes:
Article - 83A Department of Business and Economic Development
( 5-401 , 5-402 , 5-403 , 5-404 )
Tax - General
( 10-205 , 10-306 , 10-702 , 10-702.1 )
Tax - Property
( 9-103 )

Documents:

Bill Text:
First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)

Amendments: None available