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

DateAction
12/02/2016Prefiled and ordered printed; offered 01/11/17 17100499D
12/02/2016Referred to Committee on Finance
01/22/2017Impact statement from TAX (SB849)
01/24/2017Passed by indefinitely in Finance (15-Y 1-N) (see vote tally)