Virginia Bills

Requires a person who lawfully possesses a firearm to report the loss or theft of the firearm to any local law-enforcement agency or the Department of State Police within 24 hours after such person discovers the loss or theft or is informed by a person with personal knowledge of the loss or theft. The bill requires the relevant law-enforcement agency to enter the report information into the National Crime Information Center (NCIC). A violation is punishable by a $50 civil penalty for a first offense and a civil penalty of not less than $100 or more than $250 for any subsequent offense. The bill provides that a person who, in good faith, reports the loss or theft is immune from criminal or civil liability for acts or omissions that result from such loss or theft; the immunity does not apply to a person who knowingly gives a false report. The bill does not apply to the loss or theft of an antique firearm.

Establishes beginning in taxable year 2017 refundable tax credits for certain investments in the localities of the Appalachian region. The bill defines the "Appalachian region" to include the localities of the Cumberland Plateau, LENOWISCO, and Mount Rogers planning districts. Any person may claim a credit in the amount of (i) 10 percent of any capital investment in the Appalachian region, (ii) $6,000 per full-time job created in the Appalachian region that pays at or above the locality's median wage, and (iii) the sales tax paid by the person in purchasing materials directly used in the manufacture of products in the Appalachian region. The bill authorizes the Department of Taxation to issue up to $40 million in credits per taxable year. Any person who earns credits would be allowed to transfer unused credits to another taxpayer; however, such transfer would be subject to a fee of one percent of the dollar amount of the credits.

Prohibits a taxpayer from claiming a charitable contribution deduction in calculating Virginia taxable income if a neighborhood assistance tax credit or an education improvement scholarships tax credit is claimed for the same donation. The prohibition is effective for taxable years beginning on and after January 1, 2017.