Bank franchise tax; sets a cap of $18 million on total annual tax liability per taxpayer. (SB670)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)

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. Amends § 58.1-1204, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/19/2016Presented and ordered printed 16104089D
01/19/2016Referred to Committee on Finance
01/23/2016Impact statement from TAX (SB670)
01/26/2016Reported from Finance with amendment (15-Y 0-N) (see vote tally)
01/27/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/28/2016Read second time
01/28/2016Reading of amendment waived
01/28/2016Committee amendment agreed to
01/28/2016Engrossed by Senate as amended SB670E
01/28/2016Printed as engrossed 16104089D-E
01/29/2016Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/03/2016Placed on Calendar
02/03/2016Read first time
02/03/2016Referred to Committee on Finance
02/05/2016Impact statement from TAX (SB670E)
02/16/2016Assigned Finance sub: Subcommittee #1
02/17/2016Subcommittee recommends reporting (9-Y 0-N)
02/22/2016Reported from Finance (22-Y 0-N) (see vote tally)
02/23/2016Read second time
02/24/2016Read third time
02/24/2016Passed House (96-Y 3-N)
02/24/2016VOTE: PASSAGE (96-Y 3-N) (see vote tally)
02/25/2016Enrolled
02/25/2016Bill text as passed Senate and House (SB670ER)
02/25/2016Impact statement from TAX (SB670ER)
02/25/2016Signed by Speaker
02/26/2016Signed by President
02/29/2016Enrolled Bill Communicated to Governor on 2/29/16
02/29/2016G Governor's Action Deadline Midnight, March 7, 2016
03/07/2016Governor's recommendation received by Senate
03/09/2016Senate concurred in Governor's recommendation (27-Y 13-N) (see vote tally)
03/10/2016House concurred in Governor's recommendation (91-Y 4-N)
03/10/2016VOTE: ADOPTION (91-Y 4-N) (see vote tally)
03/10/2016G Governor's recommendation adopted
03/10/2016Reenrolled
03/10/2016Signed by President as reenrolled
03/10/2016Signed by Speaker as reenrolled
03/10/2016Reenrolled bill text (SB670ER2)
03/10/2016Enacted, 325 Chapter (effective 7/1/16)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 3 minutes.

Transcript

This is a transcript of the video clips in which this bill is discussed.

DAY. SENATE BILL 670. THE SENATOR FROM HANOVER, SENATOR McDOUGLE.

Sen. Ryan McDougle (R-Mechanicsville): I, RHODE ISLAND, TO TALK ABOUT 670 AND PROCEDURALLY I THINK THERE HAS TO BE A MOTION TO ADOPT THE GOVERNOR'S RECOMMENDATION. BEFORE I DO THAT, MR. PRESIDENT, I WANT TO TALK ABOUT HOW WE OPERATE AS A BODY. MR. PRESIDENT, AS A BODY WE WOULD LIKE TO BE COLLABORATIVE AND WE LIKE TO TALK ABOUT ISSUES AND COME UP WITH THE BEST SOLUTIONS. BILLS GO THROUGH THIS BODY AND THE BODY DOWN THE HALL AND WE HAVE A LOT OF CONVERSATION. SOMETIMES WE LIKE THE RESULTS OF THOSE CONVERSATIONS AND SOMETIMES WE TO NOT. WE DO TALK ABOUT IT AND WE DO TRY TO COME UP WITH SOLUTIONS. MR. PRESIDENT, THE AMENDMENT BEFORE YOU SENT DOWN BY THE GOVERNOR WAS PRESENTED TO ME AFTER IT HAD OPINION COMMUNICATED TO THIS BODY. IT IS NOT WITH UNTHAT HAD ANY CONVERSATION IN. SO, MR. PRESIDENT, I KNOW THAT PEOPLE AS YOU LOOK AT THE AMENDMENT WHAT IS DOES IS ADD AT THE END OF THE TIME WHICH THE CAP IS EASTBOUND TENDED A -- EXTENDED A THREE YEAR INCREASE PER YEAR. IT IS NOT A PARTICULARLY ONEROUS AMENDMENT. IT IS ONE THAT I THINK COULD HAVE BEEN DONE STYLISTICALLY BETTER BUT IT IS NOT ONE THAT WE WERE ABLE TO TALK ABOUT WITH THE GOVERNOR'S OFFICE PRIOR TO IT BE SENT DOWN. AT THAT END OF OF THE SOLILOQUY I AM GOING TO REGRETFULLY MOVE THAT WE ACCEPT THE GOVERNOR'S AMENDMENT.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE REQUEST HE IS SHALL THE GOVERNOR'S RECOMMENDATIONS BE AGREED TO ON SENATE BILL 670. ALL IN FAVOR OF THE MOTION WILL. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CH ANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

Sen. Ryan McDougle (R-Mechanicsville): AYES 27, NOS 13.

[Unknown]: AYES 27, NOS 13. THE GOVERNORS RECOMMENDATION IS AGREED TO. THE SENATE BILL VETOED BY THE
THE STAKE HOLDERS FIND THESE AMENDMENTS ACCEPTABLE. I KNOW THE SENATOR DOES ALSO AND I WOULD MOVE THAT WE ACCEPT THE GOVERNOR'S AMENDMENT. SHALL THE GOVERNOR'S RECOMMENDATIONS BE AGREED TO? CLERK WILL CLOSE THE ROLL. AYE, 91, NO, FOUR. THE GOVERNOR'S RECOMMENDATIONS