Income tax, state and corporate; subtraction for Virginia real estate investment trust income. (HB365)
Introduced By
Del. Nick Rush (R-Christiansburg) with support from co-patron Del. Kathleen Murphy (D-McLean)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
✓ |
Became Law |
Description
Income tax subtraction; Virginia real estate investment trust income. Establishes an individual and corporate income tax subtraction for income attributable to an investment in a Virginia real estate investment trust, defined in the bill as an investment fund that is certified by the Department of Taxation as investing at least 90 percent of trust funds in Virginia and at least 40 percent of trust funds in localities that are either distressed or double distressed. The bill defines a distressed locality as one where the unemployment rate is greater than the statewide average or the poverty rate exceeds the statewide average. The bill defines a double distressed locality as one that satisfies both of the preceding criteria. An income tax subtraction would be available only for an investment made on or after January 1, 2019, but before December 31, 2024. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/05/2018 | Committee |
01/05/2018 | Prefiled and ordered printed; offered 01/10/18 18103580D |
01/05/2018 | Referred to Committee on Finance |
01/23/2018 | Impact statement from TAX (HB365) |
01/23/2018 | Assigned Finance sub: Subcommittee #2 |
01/24/2018 | Impact statement from TAX (HB365) |
01/24/2018 | Subcommittee recommends reporting with amendment (7-Y 1-N) |
01/29/2018 | Reported from Finance with amendments (22-Y 0-N) (see vote tally) |
01/31/2018 | Read first time |
02/01/2018 | Read second time |
02/01/2018 | Committee amendments agreed to |
02/01/2018 | Engrossed by House as amended HB365E |
02/01/2018 | Printed as engrossed 18103580D-E |
02/02/2018 | Read third time and passed House (97-Y 0-N) |
02/02/2018 | VOTE: PASSAGE (97-Y 0-N) (see vote tally) |
02/05/2018 | Constitutional reading dispensed |
02/05/2018 | Referred to Committee on Finance |
02/19/2018 | Impact statement from TAX (HB365E) |
02/27/2018 | Reported from Finance (16-Y 0-N) (see vote tally) |
02/28/2018 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/28/2018 | Read third time |
02/28/2018 | Passed Senate (40-Y 0-N) (see vote tally) |
03/01/2018 | Enrolled |
03/01/2018 | Bill text as passed House and Senate (HB365ER) |
03/01/2018 | Signed by Speaker |
03/03/2018 | Signed by President |
03/05/2018 | Impact statement from TAX (HB365ER) |
03/07/2018 | Enrolled Bill communicated to Governor on March 7, 2018 |
03/07/2018 | G Governor's Action Deadline Midnight, April 9, 2018 |
04/09/2018 | Governor's recommendation received by House |
04/18/2018 | House concurred in Governor's recommendation (99-Y 0-N) |
04/18/2018 | VOTE: ADOPTION (99-Y 0-N) |
04/18/2018 | Reconsideration of Governor's recommendation agreed to (38-Y 0-N 1-A) |
04/18/2018 | Senate concurred in Governor's recommendation (39-Y 0-N) |
04/18/2018 | G Governor's recommendation adopted |
04/18/2018 | Reenrolled |
04/18/2018 | Reenrolled bill text (HB365ER2) |
04/18/2018 | Signed by Speaker as reenrolled |
04/18/2018 | Signed by President as reenrolled |
04/18/2018 | Enacted, Chapter 821 (effective 7/1/18) |
04/18/2018 | G Acts of Assembly Chapter text (CHAP0821) |