Income tax, state; exemption for certain small businesses. (HB2390)

Introduced By

Del. Albert Pollard (D-Lively)

Progress

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

Description

Income tax; exemption for certain small businesses.  Exempts certain small businesses from individual and corporate income tax for the first two years the business operates or until it produces $300,000 in gross income, whichever occurs first. A small business is defined as a business located in Virginia that is independently owned or operated by U.S. citizens or noncitizens in full compliance with U.S. immigration law and that has 250 or fewer employees. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/14/2011Committee
01/14/2011Presented and ordered printed 11100832D
01/14/2011Referred to Committee on Finance
01/19/2011Assigned Finance sub: #1
01/25/2011Impact statement from TAX (HB2390)
01/31/2011Subcommittee recommends passing by indefinitely
02/08/2011Left in Finance