VA HB514 | 2012 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2012 - 25% progression, died in chamber
Action: 2012-02-06 - House: Continued to 2013 in Finance by voice vote
Text: Latest bill text (Prefiled) [HTML]

Summary

Tax credits for costs to comply with excessive state regulations. Establishes a tax credit beginning January 1, 2012, for the direct costs of a business attributable to its location in the Commonwealth to comply with excessive state regulations. The bill defines direct costs to include lost profits from business in the Commonwealth. The bill defines excessive state regulations as regulations or mandatory rules or guidelines that are (i) imposed by the Commonwealth, (ii) not required by any federal law or other federal authority, (iii) in general, costly to comply with, and (iv) imposed on a business for conducting business in the Commonwealth that restrict, condition, or prohibit ordinarily harmless property conditions or the ordinarily harmless exercise or enjoyment by the business of its legal rights. The Secretary of Commerce and Trade would be charged with identifying excessive state regulations for which tax credits would be allowed. The bill provides for a five-year carryover period for unused tax credits.

Tracking Information

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Title

Tax credits; for costs to comply with excessive state regulations.

Sponsors


History

DateChamberAction
2012-02-06 House: Continued to 2013 in Finance by voice vote
2012-01-10 House: Referred to Committee on Finance
2012-01-10 House: Prefiled and ordered printed; offered 01/11/12 12102410D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581439.12:1(n/a)See Bill Text
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581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
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581439.12:1(n/a)See Bill Text
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581439.12:1(n/a)See Bill Text
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581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text
581439.12:1(n/a)See Bill Text

Virginia State Sources


Bill Comments

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