Income tax, state and corporate; credit for small businesses.

Income tax credit; small businesses. Provides,in taxable year 2022, an individual or corporate income tax credit,as applicable for an eligible small business, defined in the billas a (i) (a) pass-through entity that employs fewer than 50 employeesand that has no more than $10 million in gross receipts during suchtaxable year or (b) self-employed individual or (ii) corporationthat is at least 51 percent independently owned by one or more UnitedStates citizens or legal resident aliens, employs fewer than 50 employees together with affiliates, and has no more than $10 million in grossreceipts during the taxable year, and where the individual businessowners must control both the management and daily operations of thebusiness. The individual income tax credit is equal to the amountof Virginia income tax owed on up to $250,000 of personal income during such taxable year and the credit for a corporation equals theamount of Virginia income tax owed during such taxable year on upto $250,000 of the amount that is not deductible when computing federaltax due to Virginia's deconformity from certain provisions of thefederal Consolidated Appropriations Act of 2020. The credit is subjectto an aggregate cap of $75 million.