Income tax, state; subtraction for long-term capital gains, extends investment period. (HB1741)
Introduced By
Del. Tim Hugo (R-Centreville) with support from co-patrons Del. Eileen Filler-Corn (D-Fairfax Station), and Del. Randy Minchew (R-Leesburg)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax subtraction for long-term capital gains; extends investment period. Extends from June 30, 2015, to June 30, 2017, the date by which investments in certain technology businesses must be made in order to claim an income tax subtraction for any long-term capital gain or investment services partnership interest income from such investments. Currently, a taxpayer investing in a technology business between April 1, 2010, and June 30, 2015, may claim an income tax subtraction for any long-term capital gain or investment services partnership interest income attributable to such investment if the business has its principal office or facility in the Commonwealth and had less than $3 million in annual revenues in the fiscal year prior to the investment. Under the bill, the Department of Taxation is required to record and, upon request, report the fiscal savings accruing to individuals and corporations claiming the subtraction. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/12/2015 | Committee |
| 01/12/2015 | Prefiled and ordered printed; offered 01/14/15 15101049D |
| 01/12/2015 | Referred to Committee on Finance |
| 01/18/2015 | Impact statement from TAX (HB1741) |
| 01/20/2015 | Assigned Finance sub: Subcommittee #2 |
| 01/21/2015 | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
| 01/26/2015 | Reported from Finance with amendments (22-Y 0-N) (see vote tally) |
| 01/27/2015 | Read first time |
| 01/28/2015 | Read second time |
| 01/28/2015 | Committee amendments agreed to |
| 01/28/2015 | Engrossed by House as amended HB1741E |
| 01/28/2015 | Printed as engrossed 15101049D-E |
| 01/29/2015 | Read third time and passed House BLOCK VOTE (97-Y 0-N) |
| 01/29/2015 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally) |
| 01/29/2015 | Reconsideration of passage agreed to by House |
| 01/29/2015 | Passed House BLOCK VOTE (98-Y 0-N) |
| 01/29/2015 | VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N) (see vote tally) |
| 01/30/2015 | Constitutional reading dispensed |
| 01/30/2015 | Referred to Committee on Finance |
| 02/09/2015 | Impact statement from TAX (HB1741E) |
| 02/11/2015 | Reported from Finance (12-Y 0-N) (see vote tally) |
| 02/12/2015 | Constitutional reading dispensed (37-Y 0-N) (see vote tally) |
| 02/13/2015 | Read third time |
| 02/13/2015 | Passed Senate (36-Y 0-N) (see vote tally) |
| 02/18/2015 | Enrolled |
| 02/18/2015 | Bill text as passed House and Senate (HB1741ER) |
| 02/18/2015 | Signed by Speaker |
| 02/19/2015 | Impact statement from TAX (HB1741ER) |
| 02/20/2015 | Signed by President |
| 02/23/2015 | G Governor's Action Deadline Midnight, Monday, March 30, 2015 |
| 02/23/2015 | Enrolled Bill communicated to Governor on 2/23/15 |
| 02/23/2015 | G Governor's Action Deadline Midnight, Sunday, March 29, 2015 |
| 03/19/2015 | G Approved by Governor-Chapter 336 (effective 7/1/15) |
| 03/19/2015 | G Acts of Assembly Chapter text (CHAP0336) |
Comments
So a wealthy person makes an investment and receives capital gains on their investment. But that's not enough of a payout for the General Assembly (GA). The GA wants to further benefit this wealthy person by providing another tax break and extend the time frame to claim it. Nonsense legislation like this is exactly why taxes and fees are needlessly increased on working class Virginians. The GA is in dire need of leadership.