Income tax, state; exemption for any income taxed as long-term capital gain for federal income tax. (SB428)

Introduced By

Sen. Mark Herring (D-Leesburg) with support from co-patron Sen. Steve Martin (R-Chesterfield)

Progress

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

Description

Income taxes; recognition of income from capital gains.  Grants an income tax exemption for any gain taxed as a capital gain for federal income tax purposes, on or after January 1, 2010, that is related to a qualified investment of a technology and science start-up business made in the first three years in which the business was founded. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2010Prefiled and ordered printed; offered 01/13/10 10103716D
01/13/2010Referred to Committee on Finance
02/01/2010Impact statement from TAX (SB428)
02/03/2010Committee substitute printed 10104730D-S1
02/03/2010Reported from Finance with substitute (14-Y 1-N) (see vote tally)
02/04/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/08/2010Read second time
02/08/2010Reading of substitute waived
02/08/2010Committee substitute agreed to 10104730D-S1
02/08/2010Engrossed by Senate - committee substitute SB428S1
02/09/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/14/2010Impact statement from TAX (SB428S1)
02/16/2010Placed on Calendar
02/16/2010Read first time
02/16/2010Referred to Committee on Finance
02/17/2010Assigned Finance sub: #2
02/24/2010Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
03/01/2010Reported from Finance with amendment (22-Y 0-N) (see vote tally)
03/02/2010Read second time
03/03/2010Read third time
03/03/2010Committee amendment rejected
03/03/2010Floor substitute printed 10105812D-H1 (Nixon)
03/03/2010Substitute by Delegate Nixon agreed to 10105812D-H1
03/03/2010Amendment by Delegate Sickles rejected (36-Y 63-N)
03/03/2010VOTE: --- ADOPTION (36-Y 63-N) (see vote tally)
03/03/2010Engrossed by House - floor substitute SB428H1
03/03/2010Passed House with substitute (99-Y 0-N)
03/03/2010VOTE: --- PASSAGE (99-Y 0-N) (see vote tally)
03/03/2010House substitute agreed to by Senate (36-Y 2-N) (see vote tally)
03/03/2010Title replaced 10105812D-H1
03/05/2010Impact statement from TAX (SB428ER)
03/11/2010Enrolled
03/11/2010Bill text as passed Senate and House (SB428ER)
03/11/2010Signed by Speaker
03/13/2010Signed by President
04/13/2010Governor's recommendation received by Senate
04/20/2010Placed on Calendar
04/21/2010Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/21/2010House concurred in Governor's recommendation (95-Y 0-N)
04/21/2010VOTE: --- ADOPTION (95-Y 0-N) (see vote tally)
04/21/2010G Emergency clause added by Governor's recommendation
04/21/2010G Governor's recommendation adopted
04/21/2010Reenrolled
04/21/2010Reenrolled bill text (SB428ER2)
04/21/2010Signed by Speaker as reenrolled
04/21/2010Signed by President as reenrolled
04/21/2010Enacted, Chapter 802 (effective 4/21/10)
04/21/2010G Acts of Assembly Chapter text (CHAP0802)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 5 clips in all, totaling 12 minutes.

Comments

VaBIO writes:

This bill is designed to encourage private investment in small, advanced technology companies during the next three years. If a venture is successful and is eventually sold, the amount of the gain is excluded from the state's 5.75% tax.