License tax, state; credit for investment in small business investment companies. (SB733)

Introduced By

Sen. Jeff McWaters (R-Virginia Beach) with support from 9 copatrons, whose average partisan position is:

Those copatrons are Del. Ward Armstrong (D-Martinsville), Sen. Harry Blevins (R-Chesapeake), Sen. Dave Marsden (D-Burke), Sen. Steve Martin (R-Chesterfield), Sen. Tommy Norment (R-Williamsburg), Sen. Mark Obenshain (R-Harrisonburg), Sen. Toddy Puller (D-Mount Vernon), Sen. Roscoe Reynolds (D-Martinsville), Sen. Jill Holtzman Vogel (R-Winchester)

Progress

✓
 Introduced
✗
 Passed Committee
☐
 Passed House
✓
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

State insurance license tax credit. Provides a tax credit against the state license tax liability on certain insurance companies for investments in Virginia small business investment companies. The tax credit will be administered by the Tax Commissioner. The tax credit is capped at $20 million per year and may not exceed $100 million for the life of the program. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
02/01/2010Introduced at the request of Governor
02/01/2010Presented and ordered printed 10104768D
02/01/2010Referred to Committee on Finance
02/08/2010Impact statement from TAX (SB733)
02/10/2010Reported from Finance with substitute (10-Y 5-N) (see vote tally)
02/10/2010Committee substitute printed 10105232D-S1
02/11/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/12/2010Read second time
02/12/2010Reading of substitute waived
02/12/2010Committee substitute agreed to 10105232D-S1
02/12/2010Engrossed by Senate - committee substitute SB733S1
02/15/2010Read third time and passed Senate (38-Y 2-N) (see vote tally)
02/17/2010Placed on Calendar
02/17/2010Read first time
02/17/2010Referred to Committee on Appropriations
02/23/2010Assigned App. sub: Economic Development, Agriculture and Natural Resources
03/01/2010Subcommittee recommends reporting with amendment(s) (5-Y 3-N)
03/02/2010Continued to 2011 in Appropriations

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.