Small Business Investment Grant Fund; created. (HB585)

Introduced By

Del. Don Merricks (R-Danville) with support from 17 copatrons, whose average partisan position is:

Those copatrons are Del. Kathy Byron (R-Lynchburg), Del. Anne Crockett-Stark (R-Wytheville), Del. Scott Garrett (R-Lynchburg), Del. Chris Head (R-Roanoke), Del. Gordon Helsel (R-Poquoson), Del. Keith Hodges (R-Urbanna), Del. Mark Keam (D-Vienna), Del. Barry Knight (R-Virginia Beach), Del. Alfonso Lopez (D-Arlington), Del. Randy Minchew (R-Leesburg), Del. Rick Morris (R-Carrollton), Del. John O'Bannon (R-Richmond), Del. Charles Poindexter (R-Glade Hill), Del. David Ramadan (R-South Riding), Del. Nick Rush (R-Christiansburg), Del. Tom Rust (R-Herndon), Del. Ron Villanueva (R-Virginia Beach)

Progress

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

Description

Income tax; small business investment tax credits.  Creates a tax credit equal to 10 percent of a qualified investment in a small business for an eligible investor. The investment must be made on or after January 1, 2012, but before January 1, 2015, and the equity must be held for two years. The Department of Taxation would certify small businesses that may receive investments eligible for the tax credit. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12103733D
01/10/2012Referred to Committee on Finance
01/23/2012Impact statement from TAX (HB585)
02/02/2012Assigned Finance sub: #3
02/03/2012Subcommittee recommends reporting (5-Y 0-N)
02/08/2012Reported from Finance with substitute (22-Y 0-N) (see vote tally)
02/08/2012Committee substitute printed 12105277D-H1
02/10/2012Read first time
02/13/2012Speaker ruled Finance Committee substitute not germane
02/13/2012Read second time
02/13/2012Speaker ruled Finance Committee substitute not germane 12105277D-H1
02/13/2012Engrossed by House
02/14/2012Read third time and passed House (100-Y 0-N)
02/14/2012VOTE: PASSAGE (100-Y 0-N) (see vote tally)
02/15/2012Constitutional reading dispensed
02/15/2012Referred to Committee on Finance
02/20/2012Impact statement from TAX (HB585H1)
02/22/2012Reported from Finance with substitute (11-Y 0-N) (see vote tally)
02/22/2012Committee substitute printed 12105564D-S1
02/23/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/24/2012Read third time
02/24/2012Reading of substitute waived
02/24/2012Committee substitute agreed to 12105564D-S1
02/24/2012Engrossed by Senate - committee substitute HB585S1
02/24/2012Passed Senate with substitute (37-Y 0-N) (see vote tally)
02/24/2012Reconsideration of Senate passage agreed to by Senate (38-Y 0-N) (see vote tally)
02/24/2012Passed Senate with substitute (38-Y 0-N) (see vote tally)
02/27/2012Placed on Calendar
02/28/2012Passed by for the day
02/29/2012Senate substitute rejected by House 12105564D-S1 (0-Y 97-N)
02/29/2012VOTE: REJECTED (0-Y 97-N) (see vote tally)
02/29/2012Senate insisted on substitute (40-Y 0-N) (see vote tally)
02/29/2012Senate requested conference committee
02/29/2012House acceded to request
02/29/2012Conferees appointed by Senate
02/29/2012Senators: Hanger, Ruff, Lucas
02/29/2012Conferees appointed by House
02/29/2012Delegates: Merricks, Ware, R.L., Lewis
03/02/2012Conference report agreed to by Senate (37-Y 0-N) (see vote tally)
03/05/2012Conference substitute printed 12105803D-H2
03/05/2012Conference report agreed to by House (96-Y 0-N)
03/05/2012VOTE: ADOPTION (96-Y 0-N) (see vote tally)
03/10/2012Enrolled
03/10/2012Bill text as passed House and Senate (HB585ER)
03/10/2012Signed by Speaker
03/10/2012Signed by President
03/22/2012Impact statement from TAX (HB585ER)
04/06/2012G Approved by Governor-Chapter 657 (effective 7/1/12)
04/06/2012G Acts of Assembly Chapter text (CHAP0657)

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 3 minutes.

Duplicate Bills

The following bills are identical to this one: SB344.