Virginia House Bill 453 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 6 2014 - 25% progression, died in committee
Action: 2014-01-27 - Continued to 2015 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Corporate income taxes. Establishes beginning with the 2015 taxable year a $25,000 taxable income threshold for corporate income tax liability and increases from $1,000 to $1,500 the minimum amount of income tax a corporation expects to pay to require the corporation to make estimated payments of income tax. The bill also provides that a corporation exempt from income tax would still be required to file a corporate income tax return if the corporation's gross revenues for the taxable year exceeded $500,000. The $25,000 taxable income threshold and the $1,500 of minimum expected income tax would be adjusted annually for inflation beginning with taxable year 2016.

Income tax, corporate; exemption, filing.

Del. James LeMunyon [R]

Date	Chamber	Action
2014-01-27	House	Continued to 2015 in Finance by voice vote
2014-01-24	House	Subcommittee recommends continuing to 2015 by voice vote
2014-01-22	House	Assigned Finance sub: Subcommittee #3
2014-01-06	House	Referred to Committee on Finance
2014-01-06	House	Prefiled and ordered printed; offered 01/08/14 14103445D

Chapter	Article	Section	Citation Type	Statute Text
58	1	400.4	(n/a)	See Bill Text
58	1	500	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB453
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB453+hil