HB858:

Economic development; incentives to attract knowledge workers.

Bill Summary:

Economic development; incentives to attract
knowledge workers. Provides, for taxable years 2022 through 2027,
an income tax deduction for 50 percent of the amount a qualified
knowledge worker, defined in the bill, pays for residential high
speed internet access or $600, whichever is less. The bill provides
a tax credit for qualified knowledge workers for the purchase of
a residential electric vehicle charger, in an amount equal to 50
percent of the former federal tax credit for an electric vehicle
charger. The bill also provides an income tax credit for qualified
knowledge workers in an amount equal to the sales tax paid for up
to $5,000 of certain computer equipment. For the deduction and both
credits, the amounts provided are doubled if the qualified knowledge
worker resides in a locality that has lost more than 10 percent of
its population since the 2010 census. Qualified knowledge worker
is defined in the bill as an individual who establishes new domicile
in Virginia and who possesses advanced skills in the field of information
technology, including network engineers, software developers, data
scientists, and artificial intelligence, machine learning, or quantum
computing professionals. The bill provides that no more than $1 million
in credits shall be issued in any taxable year and that such credits
shall be allocated evenly between distressed and non-distressed localities.