Bank franchise tax; sets a cap of $18 million on total annual tax liability per taxpayer. (HB1224)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Bank franchise tax. Sets a cap of $18 million on the total annual bank franchise tax liability per taxpayer. The cap will increase to $20 million if at least five taxpayers pay the $18 million cap for three consecutive years. Read the Bill »
Status
04/20/2016: enacted
History
| Date | Action |
|---|---|
| 01/19/2016 | Committee |
| 01/19/2016 | Presented and ordered printed 16103959D |
| 01/19/2016 | Referred to Committee on Finance |
| 01/23/2016 | Impact statement from TAX (HB1224) |
| 01/26/2016 | Assigned to sub: Subcommittee #1 |
| 01/26/2016 | Assigned Finance sub: Subcommittee #1 |
| 01/27/2016 | Subcommittee recommends reporting with amendment(s) (9-Y 0-N) |
| 02/01/2016 | Reported from Finance with amendment (22-Y 0-N) (see vote tally) |
| 02/02/2016 | Read first time |
| 02/03/2016 | Read second time |
| 02/03/2016 | Committee amendment agreed to |
| 02/03/2016 | Engrossed by House as amended HB1224E |
| 02/03/2016 | Printed as engrossed 16103959D-E |
| 02/04/2016 | Read third time and passed House (95-Y 3-N) |
| 02/04/2016 | VOTE: PASSAGE (95-Y 3-N) (see vote tally) |
| 02/05/2016 | Impact statement from TAX (HB1224E) |
| 02/05/2016 | Constitutional reading dispensed |
| 02/05/2016 | Referred to Committee on Finance |
| 02/23/2016 | Reported from Finance (15-Y 0-N) (see vote tally) |
| 02/24/2016 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
| 02/25/2016 | Read third time |
| 02/25/2016 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/29/2016 | Enrolled |
| 02/29/2016 | Bill text as passed House and Senate (HB1224ER) |
| 02/29/2016 | Signed by Speaker |
| 03/02/2016 | Impact statement from TAX (HB1224ER) |
| 03/03/2016 | Signed by President |
| 03/04/2016 | Enrolled Bill communicated to Governor on 3/4/16 |
| 03/04/2016 | G Governor's Action Deadline Midnight, March 11, 2016 |
| 03/11/2016 | Governor's recommendation received by House |
| 04/20/2016 | Placed on Calendar |
| 04/20/2016 | House concurred in Governor's recommendation (92-Y 5-N) |
| 04/20/2016 | VOTE: ADOPTION (92-Y 5-N) |
| 04/20/2016 | Senate concurred in Governor's recommendation (37-Y 2-N) |
| 04/20/2016 | G Governor's recommendation adopted |
| 04/20/2016 | Reenrolled |
| 04/20/2016 | Reenrolled bill text (HB1224ER2) |
| 04/20/2016 | Signed by Speaker as reenrolled |
| 04/20/2016 | Signed by President as reenrolled |
| 04/20/2016 | Enacted, Chapter 755 (effective 7/1/16) |
| 04/20/2016 | G Acts of Assembly Chapter text (CHAP0755) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 2 minutes.
Transcript
This is a transcript of the video clips in which this bill is discussed.
IS PAYING PRESENTLY. WHAT THE GOVERNOR'S AMENDMENTS DO IS PUT A SORT OF MOVING CAP THAT GIVES THE DEFINITION THAT WE WERE LOOKING FOR AND YET IT ALLOWS THAT CAP TO RISE BY 3% EACH YEAR AFTER THE CAP IS REACHED FOR TWO CONSECUTIVE YEARS. I THINK IT'S AN IMPROVEMENT TO THE MEASURE, AND I ALSO NOTE THAT THE GENTLEMAN FROM ROANOKE WAS INSTRUMENTAL ON WORKING ON THIS AS WELL. I MOVE THAT WE ACCEPT THE GOVERNOR'S AMENDMENT.Del. Bill Howell (R-Fredericksburg): Speaker: SHALL THE HOUSE AGREE TO THE RECOMMENDATIONS OF THE GOVERNOR? [ BELL ] Speaker: THE CLERK WILL CLOSE THE ROLL.
[Unknown]: Clerk: AYES 92, NOS FIVE.