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Report - Major Business Facility Job Tax Credit, Department of Taxation (October 26, 2020)

Summary

A report from the Commonwealth of Virginia Department of Taxation dated October 26, 2020, addressed to Janet D. Howell, Chairwoman of the Senate Finance and Appropriations Committee, Luke E. Torian, Chairman of the House Appropriations Committee, and Vivian E. Watts, Chairwoman of the House Finance Committee. It cites House Bill 2003 (Chapter 699 of the Acts of Assembly), which requires the Department to report annually on the Major Business Facility Job Tax Credit. The report states that business taxpayers often file on extension, so the Department does not yet have data on taxpayers that claimed the credit for Taxable Year 2019 and has nothing to report at this time. It anticipates providing that information in the report due November 1, 2021.

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“Report - Major Business Facility Job Tax Credit, Department of Taxation (October 26, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-rd457-82b8f81303/, SHA-256 d54a69f971e5d6de871769a1443182b346293ca2659e82c08cbe329460f4a1be.

Full text

                COMMONWEALTH of VIRGINIA
                               Department of Taxation

                                  October 26, 2020

To:   The Honorable Janet D. Howell
      Chairwoman, Senate Finance and Appropriations Committee

      The Honorable Luke E. Torian
      Chairman, House Appropriations Committee

      The Honorable Vivian E. Watts
      Chairwoman, House Finance Committee


      Pursuant to 2019 House Bill 2003 (Chapter 699 of the Acts of Assembly), the
Department of Taxation (''the Department") is required to report annually certain
information regarding the Major Business Facility Job Tax Credit. This legislation
became effective for taxable years beginning on or after January 1, 2019.

        Because business taxpayers often file on extension, the Department does not yet
have data available regarding taxpayers that claimed the Major Business Facility Job
Tax Credit for Taxable Year 2019. Therefore, the Department has nothing to report at
this time. The Department anticipates that information regarding credits claimed during
Taxable Year 2019 will be provided in the report due November 1, 2021.

      Please contact me if you have any questions.




C: The Honorable Aubrey L. Layne Jr, Secretary of Finance
   William J. White, Assistant Commissioner for Tax Policy

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