Income tax, state; taxation of trusts established for disabled individuals. (HB1155)

Introduced By

Del. Eileen Filler-Corn (D-Fairfax Station) with support from 6 copatrons, whose average partisan position is:

Those copatrons are Del. David Bulova (D-Fairfax), Del. Ken Plum (D-Reston), Del. David Toscano (D-Charlottesville), Del. Vivian Watts (D-Annandale), Sen. Jennifer McClellan (D-Richmond), Sen. Scott Surovell (D-Mount Vernon)

Progress

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

Description

Taxation of trusts established for disabled individuals.  Establishes an individual income tax deduction not to exceed $2,000 for the fair market value of contributions made during the taxable year to certain supplemental needs trusts established for disabled individuals. The bill also would exempt from taxation the income earned by such trusts. The bill would become effective for taxable years beginning on or after January 1, 2012. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/16/2012Presented and ordered printed 12101613D
01/16/2012Referred to Committee on Finance
02/02/2012Impact statement from TAX (HB1155)
02/06/2012Continued to 2013 in Finance
11/29/2012Left in Finance