Bill > SB96

This bill establishes a nonrefundable individual and corporate income tax credit for businesses in Virginia for taxable years 2026 through 2030, aimed at encouraging the implementation of braille labeling programs on products sold or shipped within the Commonwealth. A "braille labeling program" is defined as a voluntary initiative by a business to standardize the placement of braille labels, which are raised characters allowing visually impaired individuals to identify products, items, or packages. The credit is for "eligible braille labeling expenditures," meaning costs associated with developing or implementing such a program, and can be up to $50,000 per business per year, or the actual expenditure amount if less. However, the total amount of these credits allowed for all taxpayers in any given taxable year is capped at $1 million, and credits are issued on a first-come, first-served basis by the Tax Commissioner. Any unused portion of the credit cannot be carried over to future tax years, and credits for partnerships, limited liability companies, or S corporations will be passed through to their individual owners. The Tax Commissioner, in conjunction with the Secretary of Commerce and Trade, will create guidelines for this program, which will be exempt from standard administrative procedures.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/SB96