Income tax, state; exemption for any income taxed as long-term capital gain for federal income tax. (SB428)
Introduced By
Sen. Mark Herring (D-Leesburg) with support from co-patron Sen. Steve Martin (R-Chesterfield)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
✓ |
Became Law |
Description
Income taxes; recognition of income from capital gains. Grants an income tax exemption for any gain taxed as a capital gain for federal income tax purposes, on or after January 1, 2010, that is related to a qualified investment of a technology and science start-up business made in the first three years in which the business was founded. Read the Bill »
Outcome
Bill Has Passed
History
Date | Action |
---|---|
01/13/2010 | Prefiled and ordered printed; offered 01/13/10 10103716D |
01/13/2010 | Referred to Committee on Finance |
02/01/2010 | Impact statement from TAX (SB428) |
02/03/2010 | Committee substitute printed 10104730D-S1 |
02/03/2010 | Reported from Finance with substitute (14-Y 1-N) (see vote tally) |
02/04/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/08/2010 | Read second time |
02/08/2010 | Reading of substitute waived |
02/08/2010 | Committee substitute agreed to 10104730D-S1 |
02/08/2010 | Engrossed by Senate - committee substitute SB428S1 |
02/09/2010 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
02/14/2010 | Impact statement from TAX (SB428S1) |
02/16/2010 | Placed on Calendar |
02/16/2010 | Read first time |
02/16/2010 | Referred to Committee on Finance |
02/17/2010 | Assigned Finance sub: #2 |
02/24/2010 | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
03/01/2010 | Reported from Finance with amendment (22-Y 0-N) (see vote tally) |
03/02/2010 | Read second time |
03/03/2010 | Read third time |
03/03/2010 | Committee amendment rejected |
03/03/2010 | Floor substitute printed 10105812D-H1 (Nixon) |
03/03/2010 | Substitute by Delegate Nixon agreed to 10105812D-H1 |
03/03/2010 | Amendment by Delegate Sickles rejected (36-Y 63-N) |
03/03/2010 | VOTE: --- ADOPTION (36-Y 63-N) (see vote tally) |
03/03/2010 | Engrossed by House - floor substitute SB428H1 |
03/03/2010 | Passed House with substitute (99-Y 0-N) |
03/03/2010 | VOTE: --- PASSAGE (99-Y 0-N) (see vote tally) |
03/03/2010 | House substitute agreed to by Senate (36-Y 2-N) (see vote tally) |
03/03/2010 | Title replaced 10105812D-H1 |
03/05/2010 | Impact statement from TAX (SB428ER) |
03/11/2010 | Enrolled |
03/11/2010 | Bill text as passed Senate and House (SB428ER) |
03/11/2010 | Signed by Speaker |
03/13/2010 | Signed by President |
04/13/2010 | Governor's recommendation received by Senate |
04/20/2010 | Placed on Calendar |
04/21/2010 | Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally) |
04/21/2010 | House concurred in Governor's recommendation (95-Y 0-N) |
04/21/2010 | VOTE: --- ADOPTION (95-Y 0-N) (see vote tally) |
04/21/2010 | G Emergency clause added by Governor's recommendation |
04/21/2010 | G Governor's recommendation adopted |
04/21/2010 | Reenrolled |
04/21/2010 | Reenrolled bill text (SB428ER2) |
04/21/2010 | Signed by Speaker as reenrolled |
04/21/2010 | Signed by President as reenrolled |
04/21/2010 | Enacted, Chapter 802 (effective 4/21/10) |
04/21/2010 | G Acts of Assembly Chapter text (CHAP0802) |
Comments
This bill is designed to encourage private investment in small, advanced technology companies during the next three years. If a venture is successful and is eventually sold, the amount of the gain is excluded from the state's 5.75% tax.