HB290:

Income tax, state and corporate; tax credit for employers of National Guard members.

Bill Summary:

Individual and corporate income tax credit;
employers of National Guard members and self-employed National Guard
members. Provides for taxable years 2022 through 2026 a nonrefundable
tax credit against individual and corporate income taxes for (i)
wages paid by an employer to an employee who is a Virginia National
Guard member or (ii) income of a self-employed Virginia National Guard
member attributable to his business. The bill provides that the amount
of the credit is 25 percent if such member was in a military pay
status for 65 days or more during the taxable year or 15 percent
if such member was in a military pay status for 45 to 64 days during
the taxable year. The credit is not allowed if such member was in
a military pay status for fewer than 45 days during the taxable year.