Income tax, corporate; Virginia port volume increase tax credit. (HB2531)

Introduced By

Del. Bob Purkey (R-Virginia Beach)

Progress

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

Description

Corporate income tax; Virginia port volume increase tax credit.  Provides an income tax credit to taxpayers engaged in manufacturing goods or the distribution of manufactured goods that use Virginia port facilities and increase their port cargo volume by five percent in a single year over their base year port cargo volume. The five percent requirement may be waive for a taxpayer qualifying as a major facility. A taxpayer would apply to the Virginia Port Authority and the authority would calculate the amount of the credit based on several factors. The total credit amount available in a calendar year is $3.2 million and each taxpayer would be limited to $250,000 annually. The credit would be available for taxable years beginning on and after January 1, 2011.

Outcome

Bill Has Passed

History

DateAction
01/27/2011Introduced at the request of Governor
01/27/2011Presented and ordered printed 11104720D
01/27/2011Referred to Committee on Finance
01/27/2011Assigned Finance sub: #1
01/29/2011Impact statement from TAX (HB2531)
01/31/2011Subcommittee recommends reporting with amendment(s) (8-Y 3-N)
02/02/2011Reported from Finance with amendments (15-Y 6-N) (see vote tally)
02/04/2011Read first time
02/07/2011Read second time
02/07/2011Committee amendments agreed to
02/07/2011Engrossed by House as amended HB2531E
02/07/2011Printed as engrossed 11104720D-E
02/08/2011Read third time and passed House (72-Y 27-N)
02/08/2011VOTE: PASSAGE (72-Y 27-N) (see vote tally)
02/09/2011Constitutional reading dispensed
02/09/2011Referred to Committee on Finance
02/11/2011Impact statement from TAX (HB2531E)
02/15/2011Committee substitute printed 11105328D-S1
02/15/2011Reported from Finance with substitute (13-Y 0-N) (see vote tally)
02/16/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2011Read third time
02/16/2011Reading of substitute waived
02/16/2011Committee substitute agreed to 11104720D-S1
02/16/2011Engrossed by Senate - committee substitute HB2531S1
02/16/2011Passed Senate with substitute (38-Y 0-N) (see vote tally)
02/16/2011Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally)
02/16/2011Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/16/2011Placed on Calendar
02/16/2011Senate substitute agreed to by House 11104720D-S1 (72-Y 18-N)
02/16/2011VOTE: ADOPTION (72-Y 18-N) (see vote tally)
02/22/2011Enrolled
02/22/2011Bill text as passed House and Senate (HB2531ER)
02/22/2011Signed by Speaker
02/23/2011Signed by President
03/26/2011Governor's recommendation received by House
04/05/2011Placed on Calendar
04/06/2011House concurred in Governor's recommendation (73-Y 26-N)
04/06/2011VOTE: ADOPTION (73-Y 26-N) (see vote tally)
04/06/2011Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/06/2011G Governor's recommendation adopted
04/06/2011Reenrolled
04/06/2011Reenrolled bill text (HB2531ER2)
04/06/2011Signed by Speaker as reenrolled
04/06/2011Signed by President as reenrolled
04/06/2011Enacted, Chapter 831 (effective 1/1/11)
04/06/2011G Acts of Assembly Chapter text (CHAP0831)
05/13/2011Impact statement from TAX (HB2531ER)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 2 minutes.