Income taxes, state; recognition of income from dealer disposition of property under installment. (SB978)

Introduced By

Sen. Richard Stuart (R-Westmoreland) with support from co-patron Sen. Robert Hurt (R-Chatham)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Income taxes; recognition of income from dealer dispositions of property. Allows the income from dealer dispositions of property made on or after January 1, 2009, to be recognized under the installment method at the election of the taxpayer, provided that (i) the election relating to the dealer disposition of the property has been made on or before the due date prescribed by law for filing the taxpayer's income tax return, and (ii) the dealer disposition is in accordance with restrictions and conditions established by the Department. Read the Bill »


Bill Has Passed


01/12/2009Prefiled and ordered printed; offered 01/14/09 098057333
01/12/2009Referred to Committee on Finance
01/27/2009Impact statement from TAX (SB978)
02/03/2009Reported from Finance (16-Y 0-N) (see vote tally)
02/04/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/05/2009Read second time and engrossed
02/06/2009Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/10/2009Impact statement from TAX (SB978)
02/11/2009Placed on Calendar
02/11/2009Read first time
02/11/2009Referred to Committee on Finance
02/11/2009Assigned Finance sub: 1
02/11/2009Subcommittee recommends reporting with amendment(s)
02/16/2009Reported from Finance with amendments (22-Y 0-N) (see vote tally)
02/17/2009Read second time
02/18/2009Read third time
02/18/2009Committee amendments agreed to
02/18/2009Engrossed by House as amended
02/18/2009Passed House with amendments BLOCK VOTE (98-Y 0-N)
02/18/2009VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/18/2009House amendments agreed to by Senate (40-Y 0-N) (see vote tally)
02/23/2009Bill text as passed Senate and House (SB978ER)
02/23/2009Impact statement from TAX (SB0978ER)
02/24/2009Signed by Speaker
02/25/2009Signed by President
03/27/2009G Approved by Governor-Chapter 508 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0508)