Income tax, state; creates a deduction for small business owners. (SB849)
Introduced By
Sen. Amanda Chase (R-Midlothian)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia taxable income; deduction for small business owners. Creates an income tax deduction for taxable years beginning on and after January 1, 2017, for income attributable to the ownership and operation of a small business. For purposes of the deduction, a small business is defined as a business that has its primary place of business in the Commonwealth, generates less than $100,000 of taxable income in the taxable year, and has fewer than 50 employees. A small business owner would only be eligible to take the deduction for the first five years that the business is in operation. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
12/02/2016 | Prefiled and ordered printed; offered 01/11/17 17100499D |
12/02/2016 | Referred to Committee on Finance |
01/22/2017 | Impact statement from TAX (SB849) |
01/24/2017 | Passed by indefinitely in Finance (15-Y 1-N) (see vote tally) |