License tax; businesses ceasing operations. (SB1040)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

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

Description

License tax; businesses ceasing operations. Allows a person, firm, or corporation that ceases business in one year, but attempts to settle existing, outstanding accounts in the next year, to pay a license tax based on the estimate of the current year's gross receipts instead of the previous year's gross receipts. At the time all accounts are closed, the amount paid shall be adjusted for actual gross receipts. Penalties would apply if the person, firm, or corporation provides an unreasonable estimate, or if the person, firm, or corporation engages in any new business during such a year. Amends § 58.1-3710, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2015Prefiled and ordered printed; offered 01/14/15 15102367D
01/12/2015Referred to Committee on Finance
01/18/2015Impact statement from TAX (SB1040)
01/27/2015Reported from Finance (14-Y 0-N) (see vote tally)
01/28/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/29/2015Read second time and engrossed
01/30/2015Read third time and passed Senate (38-Y 0-N) (see vote tally)
02/06/2015Placed on Calendar
02/06/2015Read first time
02/06/2015Referred to Committee on Finance
02/10/2015Assigned Finance sub: Subcommittee #2
02/10/2015Impact statement from TAX (SB1040)
02/11/2015Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
02/16/2015Reported from Finance with amendments (22-Y 0-N) (see vote tally)
02/17/2015Read second time
02/18/2015Read third time
02/18/2015Committee amendments agreed to
02/18/2015Engrossed by House as amended
02/18/2015Passed House with amendments BLOCK VOTE (100-Y 0-N)
02/18/2015VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/20/2015House amendments agreed to by Senate (38-Y 0-N) (see vote tally)
02/25/2015Enrolled
02/25/2015Bill text as passed Senate and House (SB1040ER)
02/25/2015Signed by Speaker
02/26/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/26/2015Signed by President
02/26/2015Enrolled Bill Communicated to Governor on 2/26/15
02/26/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/05/2015Impact statement from TAX (SB1040ER)
03/17/2015G Approved by Governor-Chapter 250 (effective 7/1/15)
03/17/2015G Acts of Assembly Chapter text (CHAP0250)

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 3 minutes.