Income tax, corporate; lower rate for certain businesses. (SB745)

Introduced By

Sen. Bill Stanley (R-Moneta)

Progress

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

Description

Corporate income tax; lower rate for certain businesses. Reduces the corporate income tax rate from six percent to three percent for the first three years after a business located outside Virginia opens a satellite office in a Virginia locality with a population of 200,000 or less or after a business located in a Virginia locality with a population exceeding 200,000 opens a satellite office or operation in a Virginia locality with a population of 200,000 or less, for taxable years beginning on or after January 1, 2013. The bill provides that the capital investment made by the corporation must be $250,000 or more and the tax reduction may not exceed the amount of that capital investment. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/14/2012Prefiled and ordered printed; offered 01/09/13 13100295D
12/14/2012Referred to Committee on Finance
01/09/2013Impact statement from TAX (SB745)
02/06/2013Left in Finance