SB1283: Income tax, state; provisions for income and loss of an electing small business corporation.

Chief Patron

Sen. Walter Stosch (R-12)

Walter Stosch (R-12)
Suite 110 Glen Allen, VA
Served: 1992–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/13/2007: signed by governor

View Entire History

Summary

Individual income taxes.  Provides that income and loss of an electing small business corporation (S corporation) subject to Virginia's bank franchise tax shall be excluded by the shareholders of such S corporation in computing individual income taxes. However, such shareholders would be subject to the individual income tax on any distributions received from such S corporation.