VA HB2074 | 2017 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 4-0)
Status: Passed on March 24 2017 - 100% progression
Action: 2017-03-24 - Governor: Acts of Assembly Chapter text (CHAP0762)
Text: Latest bill text (Chaptered) [HTML]

Summary

Income tax; subtraction for Virginia venture capital account investment. Establishes an individual and corporate income tax subtraction for income derived from an investment in a Virginia venture capital account, defined in the bill as an investment fund that is certified by the Department of Taxation as investing at least 50 percent of its investments in qualified portfolio companies and employing at least one investor with at least four years' experience in venture capital investment or substantially equivalent experience. The bill defines "qualified portfolio company" as a company that has its principal place of business in the Commonwealth and that has a primary purpose of production, sale, research, or development of a product or service and provides equity in exchange for the investment. An income tax subtraction would be available only for an investment made on or after January 1, 2018, but before December 31, 2023.

Tracking Information

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Title

Income tax, state and corporate; subtraction for Virginia venture capital account investment.

Sponsors


Roll Calls

2017-02-24 - House - House: VOTE: ADOPTION (93-Y 0-N) (Y: 93 N: 0 NV: 7 Abs: 0) [PASS]
2017-02-24 - Senate - Senate: Conference report agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2017-02-22 - Senate - Senate: Senate insisted on substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2017-02-21 - House - House: VOTE: REJECTED (1-Y 96-N) (Y: 1 N: 96 NV: 3 Abs: 0) [FAIL]
2017-02-17 - Senate - Senate: Passed Senate with substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2017-02-16 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2017-02-15 - Senate - Senate: Reported from Finance with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2017-02-07 - House - House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (Y: 97 N: 0 NV: 2 Abs: 0) [PASS]
2017-02-01 - House - House: Reported from Finance with amendments (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2017-01-25 - House - House: Subcommittee recommends reporting (11-Y 0-N) (Y: 11 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2017-03-24 Governor: Acts of Assembly Chapter text (CHAP0762)
2017-03-24 Governor: Approved by Governor-Chapter 762 (effective 7/1/17)
2017-03-13 Governor: Governor's Action Deadline Midnight, March 27, 2017
2017-03-13HouseEnrolled Bill communicated to Governor on 3/13/17
2017-03-10SenateSigned by President
2017-03-07HouseSigned by Speaker
2017-03-07HouseBill text as passed House and Senate (HB2074ER)
2017-03-07HouseEnrolled
2017-02-24HouseVOTE: ADOPTION (93-Y 0-N)
2017-02-24HouseConference report agreed to by House (93-Y 0-N)
2017-02-24SenateConference report agreed to by Senate (40-Y 0-N)
2017-02-24HouseConference substitute printed 17105744D-H1
2017-02-23SenateSenators: Ruff, Stuart, Dance
2017-02-23SenateConferees appointed by Senate
2017-02-23HouseDelegates: Rush, Ware, Kory
2017-02-23HouseConferees appointed by House
2017-02-23HouseHouse acceded to request
2017-02-22SenateSenate requested conference committee
2017-02-22SenateSenate insisted on substitute (40-Y 0-N)
2017-02-21HouseVOTE: REJECTED (1-Y 96-N)
2017-02-21HouseSenate substitute rejected by House 17105512D-S1 (1-Y 96-N)
2017-02-21HousePlaced on Calendar
2017-02-17SenatePassed Senate with substitute (40-Y 0-N)
2017-02-17SenateEngrossed by Senate - committee substitute HB2074S1
2017-02-17SenateCommittee substitute agreed to 17105512D-S1
2017-02-17SenateReading of substitute waived
2017-02-17SenateRead third time
2017-02-16SenateConstitutional reading dispensed (39-Y 0-N)
2017-02-15SenateCommittee substitute printed 17105512D-S1
2017-02-15SenateReported from Finance with substitute (16-Y 0-N)
2017-02-08SenateReferred to Committee on Finance
2017-02-08SenateConstitutional reading dispensed
2017-02-07HouseVOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
2017-02-07HouseRead third time and passed House BLOCK VOTE (97-Y 0-N)
2017-02-06HousePrinted as engrossed 17101753D-E
2017-02-06HouseEngrossed by House as amended HB2074E
2017-02-06HouseCommittee amendments agreed to
2017-02-06HouseRead second time
2017-02-03HouseRead first time
2017-02-01HouseReported from Finance with amendments (22-Y 0-N)
2017-01-25HouseSubcommittee recommends reporting (11-Y 0-N)
2017-01-19HouseAssigned Finance sub: Subcommittee #2
2017-01-10HouseReferred to Committee on Finance
2017-01-10HousePrefiled and ordered printed; offered 01/11/17 17101753D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581322(n/a)See Bill Text
581402(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+HB2074
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2074+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2074E+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2074S1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2074H1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2074ER+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+CHAP0762+hil
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+H1002V0023+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+H10V0082+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+HV1960+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+S05V0278+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV0627HB2074+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV0652HB2074+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+HV2609+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV0817HB2074+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV1026HB2074+HB2074
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+HV2785+HB2074

Bill Comments 750

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