Thursday, June 14, 2012

VA has a great idea to bring in more taxable income

vs. just raising taxes on less and less income in order to break even like some other states....

VA has a corp and personal income subtraction for income attributed to an investment in certain tech and start-up companies and taxed as long-term capital gain. The period during which qualified investments may be made has been extended to June 2015 although the website has not been updated yet :

"Entrepreneurs and investors who make qualified investments in early stage technology, biotechnology and energy startups in Virginia beginning April 1, 2010 through June 30, 2013 (2015) will be exempt from paying state income tax on their long term capital gains throughout the life of the investment. If and when investments in these qualified companies are successful over the life of a company, any long term capital gains attributable to the investment will be exempt from Virginia's income tax."

More details here:

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