Income tax, state and corporate; deduction for investors in small businesses. (HB335)

Introduced By

Del. Ron Villanueva (R-Virginia Beach)

Progress

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

Description

Individual and corporate income taxes; subtraction for investment in small businesses. Grants an individual and corporate income tax deduction for any income taxed (i) as a gain for federal income tax purposes attributable to an investment in a small business held for a period of at least five years or (ii) as investment services partnership interest income for federal income tax purposes attributable to an investment in a small business. The bill defines a small business as a business having (a) a principal office or facility in the Commonwealth and (b) immediately after and at all times prior to the investment, aggregate assets that totaled less than $50 million in cash plus the aggregate adjusted bases of all other property held by the business. The bill applies to investments in small businesses made on or after January 1, 2012. The deduction is limited to any gain or investment services partnership interest income attributable to the first $500,000 invested by the individual or corporation in the respective small business. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12101427D
01/10/2012Referred to Committee on Finance
01/28/2012Impact statement from TAX (HB335)
02/06/2012Stricken from docket by Finance