Income tax, corporate; requires retail companies to use single-sales factor apportionment formula. (SB49)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

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

Description

Apportionment of corporate income tax; retail companies.  Allows retail companies to elect an apportionment formula for payment of income taxes of multiplying their income by the sales factor. The provisions of the bill would be effective beginning July 1, 2012, and would be phased in with the apportionment formula having a 100 percent sales factor by 2015. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/04/2012Prefiled and ordered printed; offered 01/11/12 12101069D
01/04/2012Referred to Committee on Finance
02/02/2012Impact statement from TAX (SB49)
02/08/2012Reported from Finance with amendment (15-Y 0-N) (see vote tally)
02/09/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/10/2012Read second time
02/10/2012Reading of amendment waived
02/10/2012Committee amendment agreed to
02/10/2012Engrossed by Senate as amended SB49E
02/10/2012Printed as engrossed 12101069D-E
02/13/2012Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/15/2012Placed on Calendar
02/15/2012Read first time
02/15/2012Referred to Committee on Finance
02/16/2012Assigned Finance sub: #2
02/20/2012Impact statement from TAX (SB49E)
02/22/2012Reported from Finance (20-Y 0-N) (see vote tally)
02/24/2012Read second time
02/27/2012Read third time
02/27/2012Passed House BLOCK VOTE (98-Y 0-N)
02/27/2012VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
03/01/2012Enrolled
03/01/2012Bill text as passed Senate and House (SB49ER)
03/01/2012Impact statement from TAX (SB49ER)
03/01/2012Signed by Speaker
03/03/2012Signed by President
04/06/2012G Approved by Governor-Chapter 666 (effective 7/1/12)
04/06/2012G Acts of Assembly Chapter text (CHAP0666)

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 45 seconds.