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

Bill Has Passed

History

DateAction
01/05/2018Committee
01/05/2018Prefiled and ordered printed; offered 01/10/18 18103580D
01/05/2018Referred to Committee on Finance
01/23/2018Impact statement from TAX (HB365)
01/23/2018Assigned Finance sub: Subcommittee #2
01/24/2018Impact statement from TAX (HB365)
01/24/2018Subcommittee recommends reporting with amendment (7-Y 1-N)
01/29/2018Reported from Finance with amendments (22-Y 0-N) (see vote tally)
01/31/2018Read first time
02/01/2018Read second time
02/01/2018Committee amendments agreed to
02/01/2018Engrossed by House as amended HB365E
02/01/2018Printed as engrossed 18103580D-E
02/02/2018Read third time and passed House (97-Y 0-N)
02/02/2018VOTE: PASSAGE (97-Y 0-N) (see vote tally)
02/05/2018Constitutional reading dispensed
02/05/2018Referred to Committee on Finance
02/19/2018Impact statement from TAX (HB365E)
02/27/2018Reported from Finance (16-Y 0-N) (see vote tally)
02/28/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/28/2018Read third time
02/28/2018Passed Senate (40-Y 0-N) (see vote tally)
03/01/2018Enrolled
03/01/2018Bill text as passed House and Senate (HB365ER)
03/01/2018Signed by Speaker
03/03/2018Signed by President
03/05/2018Impact statement from TAX (HB365ER)
03/07/2018Enrolled Bill communicated to Governor on March 7, 2018
03/07/2018G Governor's Action Deadline Midnight, April 9, 2018
04/09/2018Governor's recommendation received by House
04/18/2018House concurred in Governor's recommendation (99-Y 0-N)
04/18/2018VOTE: ADOPTION (99-Y 0-N)
04/18/2018Reconsideration of Governor's recommendation agreed to (38-Y 0-N 1-A)
04/18/2018Senate concurred in Governor's recommendation (39-Y 0-N)
04/18/2018G Governor's recommendation adopted
04/18/2018Reenrolled
04/18/2018Reenrolled bill text (HB365ER2)
04/18/2018Signed by Speaker as reenrolled
04/18/2018Signed by President as reenrolled
04/18/2018Enacted, Chapter 821 (effective 7/1/18)
04/18/2018G Acts of Assembly Chapter text (CHAP0821)