Income tax, state; provisions for income and loss of an electing small business corporation. (SB1283)
Introduced By
Sen. Walter Stosch (R-Glen Allen) with support from co-patrons Sen. Emmett Hanger (R-Mount Solon), and Sen. Roscoe Reynolds (D-Martinsville)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Individual income taxes. Provides that income and loss of an electing small business corporation (S corporation) subject to Virginia's bank franchise tax shall be excluded by the shareholders of such S corporation in computing individual income taxes. However, such shareholders would be subject to the individual income tax on any distributions received from such S corporation. Read the Bill »
Status
03/13/2007: signed by governor
History
Date | Action |
---|---|
01/10/2007 | Prefiled and ordered printed; offered 01/10/07 077473824 |
01/10/2007 | Referred to Committee on Finance |
01/26/2007 | Impact statement from TAX (SB1283) |
02/01/2007 | Constitutional reading dispensed (39-Y 0-N) |
02/01/2007 | VOTE: (39-Y 0-N) (see vote tally) |
02/02/2007 | Read second time and engrossed |
02/05/2007 | Read third time |
02/05/2007 | Passed Senate (36-Y 0-N 3-A) |
02/05/2007 | VOTE: (36-Y 0-N 3-A) (see vote tally) |
02/05/2007 | Communicated to House |
02/06/2007 | Placed on Calendar |
02/06/2007 | Read first time |
02/06/2007 | Referred to Committee on Finance |
02/06/2007 | Impact statement from TAX (SB1283) |
02/13/2007 | Read second time |
02/14/2007 | Read third time |
02/14/2007 | Committee amendments agreed to |
02/14/2007 | Engrossed by House as amended |
02/14/2007 | Passed House with amendments BLOCK VOTE (95-Y 0-N) |
02/16/2007 | House amendments agreed to by Senate (37-Y 0-N 2-A) |
02/16/2007 | VOTE: (37-Y 0-N 2-A) (see vote tally) |
02/22/2007 | Enrolled |
02/22/2007 | Bill text as passed Senate and House (SB1283ER) |
02/23/2007 | Signed by Speaker |
02/24/2007 | Signed by President |
02/26/2007 | Impact statement from TAX (SB1283ER) |
03/13/2007 | G Approved by Governor-Chapter 359 (effective 7/1/07) |
03/21/2007 | G Acts of Assembly Chapter text (CHAP0359) |