Bank franchise tax; deductions from gross capital. (SB1353)

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

Progress

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

Description

Bank franchise tax; deductions from gross capital. Provides a deduction from gross capital in computing the bank franchise tax for direct equity investments in banks made by the United States government pursuant to the Emergency Economic Stabilization Act of 2008. The deduction would be allowed only for such equity investments that are unrelated to the purchase of a bank's troubled assets by the Secretary of the Treasury of the United States. Amends § 58.1-1205, § 58.1-1206, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/14/2009Prefiled and ordered printed; offered 01/14/09 092867340
01/14/2009Referred to Committee on Finance
01/24/2009Impact statement from TAX (SB1353)
02/11/2009Stricken at request of Patron in Finance (16-Y 0-N) (see vote tally)