Income tax, corporate; lower rate for certain businesses. (SB998)
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 located (i) outside Virginia opens an office in a Virginia locality with population of 200,000 or fewer individuals and (ii) in a Virginia locality with a population exceeding 200,000 people opens a satellite office or operation in a Virginia locality with a population of 200,000 or fewer, for taxable years beginning on or after January 1, 2011. The capital investment made by the corporation must be $250,000 or more and the tax reduction may not exceed the amount of that capital investment. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/11/2011 | Prefiled and ordered printed; offered 01/12/11 11103400D |
| 01/11/2011 | Referred to Committee on Finance |
| 01/23/2011 | Impact statement from TAX (SB998) |
| 01/25/2011 | Reported from Finance (8-Y 6-N) (see vote tally) |
| 01/26/2011 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
| 01/27/2011 | Read second time and engrossed |
| 01/28/2011 | Passed by for the day |
| 01/31/2011 | Read third time and passed Senate (29-Y 9-N) (see vote tally) |
| 01/31/2011 | Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally) |
| 01/31/2011 | Passed Senate (30-Y 9-N) (see vote tally) |
| 02/07/2011 | Placed on Calendar |
| 02/07/2011 | Read first time |
| 02/07/2011 | Referred to Committee on Finance |
| 02/08/2011 | Assigned Finance sub: #1 |
| 02/08/2011 | Impact statement from TAX (SB998) |
| 02/10/2011 | Subcommittee recommends passing by indefinitely |
| 02/22/2011 | Left in Finance |