Income tax, state; apportionment of sales for debt buyers. (HB798)
Introduced By
Del. Glenn Davis (R-Virginia Beach) with support from co-patron Del. Danny Marshall (R-Danville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; apportionment of sales for debt buyers. Requires debt buyers, defined in the bill, to apportion their income from the collection of debt to Virginia based on a single sales factor starting with taxable year 2019. Generally, under current law, a taxpayer apportions its income to Virginia based on the ratio of its property, payroll, and sales in Virginia to the same factors in all other states. Current law requires multistate businesses to apportion income from sales, other than sales of tangible personal property, to Virginia if the income-producing activity is performed only in Virginia or a greater proportion of the income-producing activity is performed in Virginia than in any other state. The bill provides that all income recovered on debt from a person or entity residing in the Commonwealth shall be apportioned to the Commonwealth for income tax purposes. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/09/2018 | Committee |
01/09/2018 | Prefiled and ordered printed; offered 01/10/18 18102177D |
01/09/2018 | Referred to Committee on Finance |
01/30/2018 | Impact statement from TAX (HB798) |
01/30/2018 | Assigned Finance sub: Subcommittee #2 |
01/31/2018 | Subcommittee recommends reporting (8-Y 0-N) |
02/07/2018 | Reported from Finance (21-Y 0-N) (see vote tally) |
02/09/2018 | Read first time |
02/12/2018 | Read second time and engrossed |
02/13/2018 | Read third time and passed House (95-Y 5-N) |
02/13/2018 | VOTE: PASSAGE (95-Y 5-N) (see vote tally) |
02/14/2018 | Constitutional reading dispensed |
02/14/2018 | Referred to Committee on Finance |
02/26/2018 | Impact statement from TAX (HB798) |
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 (HB798ER) |
03/01/2018 | Signed by Speaker |
03/03/2018 | Signed by President |
03/05/2018 | Impact statement from TAX (HB798ER) |
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 | G Approved by Governor-Chapter 807 (effective 7/1/18) |
04/09/2018 | G Acts of Assembly Chapter text (CHAP0807) |