Cigarette taxes; certain bond or irrevocable letter of credit requirements. (SB1092)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

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

Description

Cigarette taxes; certain bond or irrevocable letter of credit requirements. Provides that the bond or irrevocable letter of credit required to be filed by a wholesale dealer to obtain cigarette tax stamps without payment of the cigarette tax be in a face amount determined by the Tax Commissioner to cover possible losses from nonpayment of the tax, but not to exceed two times the anticipated average monthly amount of purchases of cigarette tax stamps by the wholesale dealer. Under current law, the face amount of the bond or irrevocable letter of credit that is required to be filed is fixed at approximately two times the anticipated average monthly amount of purchases of cigarette tax stamps by the wholesale dealer. Amends § 58.1-1009, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2013Prefiled and ordered printed; offered 01/09/13 13100953D
01/09/2013Referred to Committee on Finance
01/14/2013Impact statement from TAX (SB1092)
01/22/2013Reported from Finance (14-Y 0-N) (see vote tally)
01/23/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/24/2013Read second time and engrossed
01/25/2013Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/25/2013Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
01/25/2013Passed Senate (40-Y 0-N) (see vote tally)
02/01/2013Impact statement from TAX (SB1092)
02/02/2013Placed on Calendar
02/02/2013Read first time
02/02/2013Referred to Committee on Finance
02/04/2013Assigned Finance sub: #1
02/06/2013Subcommittee recommends reporting (9-Y 0-N)
02/11/2013Reported from Finance (22-Y 0-N) (see vote tally)
02/12/2013Read second time
02/13/2013Read third time
02/13/2013Passed House BLOCK VOTE (100-Y 0-N)
02/13/2013VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/19/2013Enrolled
02/19/2013Bill text as passed Senate and House (SB1092ER)
02/19/2013Impact statement from TAX (SB1092ER)
02/19/2013Signed by Speaker
02/20/2013Signed by President
03/14/2013G Approved by Governor-Chapter 389 (effective 7/1/13)
03/14/2013G Acts of Assembly Chapter text (CHAP0389)

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.