2025 SESSION
INTRODUCED
25102409D
SENATE BILL NO. 1117
Offered January 8, 2025
Prefiled January 7, 2025
A BILL to amend the Code of Virginia by adding by Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:13, relating to income tax credit; braille labeling program.
PatronRoem
Referred to Committee on Finance and Appropriations
Be it enacted by the General Assembly of Virginia:
1. That Code of Virginia is amended by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:13 as follows:
58.1-439.12:13. Braille labeling tax credit.
A. For the purposes of this section:
"Braille labeling program" means a program voluntarily developed and implemented by a business that standardizes the affixation of braille labels on products, items, or packages that are sold in or shipped to the Commonwealth by such business.
"Braille labels" means labels using the raised characters of braille code on a product, item, or package so that a person with a visual impairment can read what that product or item is.
"Eligible braille labeling expenditures" means expenditures incurred in the development or implementation of a braille labeling program by a business.
B. For taxable years beginning on or after January 1, 2025, but before January 1, 2030, any business shall be allowed a nonrefundable credit against the tax levied pursuant to 58.1-320 or 58.1-400 for eligible braille labeling expenditures incurred in a taxable year. The business shall be allowed a credit in an amount equal to the lesser of the actual amount of eligible braille labeling expenditures incurred in the taxable year or $50,000.
C. The Tax Commissioner shall issue tax credits in an amount not to exceed $1,000,000 pursuant to this section in any taxable year. If the credit amounts on the applications filed with the Tax Commissioner exceed $1,000,000 in a taxable year, then the tax credits shall be allocated on a pro rata basis for such taxable year.
D. The amount of the credit claimed shall not exceed the total amount of tax imposed by this chapter upon the business for the taxable year. Any credit not usable for the taxable year in which the credit was first allowed may be carried over for credit against the income taxes of the business in the next five succeeding taxable years or until the total amount of the tax credit has been taken, whichever is sooner.
E. Credits granted to a partnership, limited liability company, or electing small business corporation (S corporation) shall be allocated to the individual partners, members, or shareholders, respectively, in proportion to their ownership or interest in such business entities.
F. The Tax Commissioner, in cooperation with the Secretary of Commerce and Trade, shall develop guidelines implementing the provisions of this section. Such guidelines shall be exempt from the provisions of the Administrative Process Act ( 2.2-4000 et seq.).