Income tax, corporate; addback for Captive REIT dividends. (HB95)
Introduced By
Del. Lee Ware (R-Powhatan) with support from co-patron Sen. Glen Sturtevant (R-Midlothian)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Corporate income tax; addback for Captive REIT dividends. Provides that the voting power or value of the beneficial interests or shares in a real estate investment trust (REIT) that is held in a segregated asset account of a life insurance corporation shall not be taken into consideration when determining if the REIT is a Captive REIT for corporate income tax purposes. Under current law, no deduction from corporate income is allowed for dividends paid by a Captive REIT. The bill modifies current law for purposes of determining whether a REIT is a Captive REIT that will not be allowed a deduction for the dividends it pays. The bill is effective for taxable year 2016 and thereafter. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/13/2015 | Committee |
12/13/2015 | Prefiled and ordered printed; offered 01/13/16 16100433D |
12/13/2015 | Referred to Committee on Finance |
01/15/2016 | Assigned to sub: Subcommittee Subcommittee #1 |
01/15/2016 | Assigned to sub: Subcommittee #1 |
01/15/2016 | Assigned Finance sub: Subcommittee #1 |
01/23/2016 | Impact statement from TAX (HB95) |
01/27/2016 | Subcommittee recommends reporting (9-Y 0-N) |
02/01/2016 | Reported from Finance (22-Y 0-N) (see vote tally) |
02/02/2016 | Read first time |
02/03/2016 | Read second time and engrossed |
02/04/2016 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
02/04/2016 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
02/05/2016 | Constitutional reading dispensed |
02/05/2016 | Referred to Committee on Finance |
02/11/2016 | Impact statement from TAX (HB95) |
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 (HB95ER) |
02/29/2016 | Impact statement from TAX (HB95ER) |
02/29/2016 | Signed by Speaker |
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 | G Approved by Governor-Chapter 342 (effective 7/1/16) |
03/11/2016 | G Acts of Assembly Chapter text (CHAP0342) |