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

DateAction
01/11/2011Prefiled and ordered printed; offered 01/12/11 11103400D
01/11/2011Referred to Committee on Finance
01/23/2011Impact statement from TAX (SB998)
01/25/2011Reported from Finance (8-Y 6-N) (see vote tally)
01/26/2011Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/27/2011Read second time and engrossed
01/28/2011Passed by for the day
01/31/2011Read third time and passed Senate (29-Y 9-N) (see vote tally)
01/31/2011Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
01/31/2011Passed Senate (30-Y 9-N) (see vote tally)
02/07/2011Placed on Calendar
02/07/2011Read first time
02/07/2011Referred to Committee on Finance
02/08/2011Assigned Finance sub: #1
02/08/2011Impact statement from TAX (SB998)
02/10/2011Subcommittee recommends passing by indefinitely
02/22/2011Left in Finance

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 4 minutes.