2006 Code of Virginia § 63.2-2005 - Donations of contracting services

63.2-2005. Donations of contracting services.

A. A sole proprietor, partnership or limited liability company engaged in thebusiness of providing contracting services shall be eligible for a tax creditunder this chapter based on the time spent by the proprietor or a partner ormember, respectively, who renders contracting services to a program which hasreceived an allocation of tax credits from the Commissioner. The value of thecontracting services, for purposes of determining the amount of the taxcredit allowable, rendered by the proprietor or a partner or member to anapproved program shall not exceed the lesser of (i) the reasonable cost forsimilar services from other providers or (ii) fifty dollars per hour.

B. A business firm shall be eligible for a tax credit under this chapter forthe time spent by a salaried employee who renders contracting services to anapproved program. The value of the contracting services, for purposes ofdetermining the amount of tax credit allowed to a business firm for timespent by its salaried employee in rendering contracting services to anapproved project, shall be equal to the salary that such employee wasactually paid for the period of time that such employee rendered contractingservices to the approved program.

(1999, cc. 890, 909, 63.1-325.1; 2002, c. 747.)