Income tax, corporate; lower rate for certain businesses. (SB325)

Introduced By

Sen. Richard Stuart (R-Westmoreland)

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 establishes a new office or operation or expands an existing office or operation in an area that is not designated by the U.S. Environmental Protection Agency as a nonattainment area under the Clear Air Act, for taxable years beginning on or after January 1, 2010. The capital investment must be $250,000 or more and the tax reduction may not exceed that amount of the capital investment made by the corporation. Amends § 58.1-400, of the Code of Virginia. Read the Bill »

Status

02/10/2010: Failed to Pass in Committee

History

DateAction
01/12/2010Prefiled and ordered printed; offered 01/13/10 10103381D
01/12/2010Referred to Committee on Finance
01/24/2010Impact statement from TAX (SB325)
02/10/2010Passed by indefinitely in Finance (9-Y 6-N) (see vote tally)