HB504

Virginia HB504 provides a tax credit for eligible small businesses in retail trade or accommodation and food services.

Virginia HB504 introduces a tax credit for eligible small businesses in the retail trade or accommodation and food services industries. To qualify, businesses must meet U.S. Small Business Administration size standards and have commenced operations and leased or purchased a place of business during the taxable year. The credit is nonrefundable and applies to taxes levied from 2026 to 2030. Credits are allocated on a first-come, first-served basis and can be carried over for up to five years.