Income tax, corporate; subtraction for certain qualifying facility or business operations. (SB1447)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville) with support from co-patron Sen. Bill Stanley (R-Moneta)

Progress

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

Description

Corporate income tax; rate of taxation. Provides that if a previously-inverted corporation makes a capital investment of at least $5 million to open a facility or business operation in the Commonwealth, then the first $5,000,000 of the corporation's profits each year shall be exempt from the corporate income tax for the first five years of operation of such business or facility. Amends § 58.1-400, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/23/2015Presented and ordered printed
01/23/2015Presented and ordered printed 15103291D
01/23/2015Referred to Committee on Finance
01/30/2015Impact statement from TAX (SB1447)
02/04/2015Reported from Finance with substitute (10-Y 3-N) (see vote tally)
02/04/2015Committee substitute printed 15104637D-S1
02/05/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/06/2015Engrossed by Senate - committee substitute SB1447D-S1
02/06/2015Read second time
02/06/2015Reading of substitute waived
02/06/2015Committee substitute agreed to 15104637D-S1
02/06/2015Engrossed by Senate - committee substitute SB1447S1
02/09/2015Read third time and passed Senate (25-Y 13-N) (see vote tally)
02/10/2015Impact statement from TAX (SB1447S1)
02/11/2015Placed on Calendar
02/11/2015Read first time
02/11/2015Referred to Committee on Finance
02/12/2015Assigned Finance sub: Subcommittee #3
02/13/2015Subcommittee recommends laying on the table
02/24/2015Left in Finance

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 12 minutes.