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. Amends § 58.1-322 (“Virginia taxable income of residents.”), § 58.1-402 (“Virginia taxable income.”), of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed
View Bill's History

Comments

VaBIO writes:

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.

Posted 29 months ago.