Bank franchise tax; sets a cap of $18 million on total annual tax liability per taxpayer. (HB1224)

Introduced By

Del. Lee Ware (R-Powhatan)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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

DateAction
01/19/2016Committee
01/19/2016Presented and ordered printed 16103959D
01/19/2016Referred to Committee on Finance
01/23/2016Impact statement from TAX (HB1224)
01/26/2016Assigned to sub: Subcommittee #1
01/26/2016Assigned Finance sub: Subcommittee #1
01/27/2016Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
02/01/2016Reported from Finance with amendment (22-Y 0-N) (see vote tally)
02/02/2016Read first time
02/03/2016Read second time
02/03/2016Committee amendment agreed to
02/03/2016Engrossed by House as amended HB1224E
02/03/2016Printed as engrossed 16103959D-E
02/04/2016Read third time and passed House (95-Y 3-N)
02/04/2016VOTE: PASSAGE (95-Y 3-N) (see vote tally)
02/05/2016Impact statement from TAX (HB1224E)
02/05/2016Constitutional reading dispensed
02/05/2016Referred to Committee on Finance
02/23/2016Reported from Finance (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2016Read third time
02/25/2016Passed Senate (40-Y 0-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB1224ER)
02/29/2016Signed by Speaker
03/02/2016Impact statement from TAX (HB1224ER)
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/11/2016Governor's recommendation received by House
04/20/2016Placed on Calendar
04/20/2016House concurred in Governor's recommendation (92-Y 5-N)
04/20/2016VOTE: ADOPTION (92-Y 5-N)
04/20/2016Senate concurred in Governor's recommendation (37-Y 2-N)
04/20/2016G Governor's recommendation adopted
04/20/2016Reenrolled
04/20/2016Reenrolled bill text (HB1224ER2)
04/20/2016Signed by Speaker as reenrolled
04/20/2016Signed by President as reenrolled
04/20/2016Enacted, Chapter 755 (effective 7/1/16)
04/20/2016G 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.