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)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


03/13/2007: signed by governor


01/10/2007Prefiled and ordered printed; offered 01/10/07 077473824
01/10/2007Referred to Committee on Finance
01/26/2007Impact statement from TAX (SB1283)
02/01/2007Constitutional reading dispensed (39-Y 0-N)
02/01/2007VOTE: (39-Y 0-N) (see vote tally)
02/02/2007Read second time and engrossed
02/05/2007Read third time
02/05/2007Passed Senate (36-Y 0-N 3-A)
02/05/2007VOTE: (36-Y 0-N 3-A) (see vote tally)
02/05/2007Communicated to House
02/06/2007Placed on Calendar
02/06/2007Read first time
02/06/2007Referred to Committee on Finance
02/06/2007Impact statement from TAX (SB1283)
02/13/2007Read second time
02/14/2007Read third time
02/14/2007Committee amendments agreed to
02/14/2007Engrossed by House as amended
02/14/2007Passed House with amendments BLOCK VOTE (95-Y 0-N)
02/16/2007House amendments agreed to by Senate (37-Y 0-N 2-A)
02/16/2007VOTE: (37-Y 0-N 2-A) (see vote tally)
02/22/2007Bill text as passed Senate and House (SB1283ER)
02/23/2007Signed by Speaker
02/24/2007Signed by President
02/26/2007Impact statement from TAX (SB1283ER)
03/13/2007G Approved by Governor-Chapter 359 (effective 7/1/07)
03/21/2007G Acts of Assembly Chapter text (CHAP0359)