Virginia House Bill 708 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on January 6 2020 - 25% progression, died in committee
Action: 2020-02-11 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Bank franchise tax credit for student loan refinancing. Provides a nonrefundable credit against the bank franchise tax starting in taxable year 2020 in the amount of 20 percent of a bank's student loan refinancing expenses. The bill defines eligible expenses to include the amount of principal forgiven by a bank plus the amount of interest reduced by refinancing. The credit is available only for expenses related to the refinancing of privately held loans but not loans held by the federal government. The credit may not be applied against bank franchise taxes imposed by a county, city, or town in the Commonwealth.

Bank franchise; tax credit for student loan refinancing.

Del. Larry Rush [R]

2020-01-20 - House - House: Subcommittee recommends laying on the table (9-Y 0-N) (Y: 9 N: 0 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2020-02-11	House	Left in Finance
2020-01-20	House	Subcommittee recommends laying on the table (9-Y 0-N)
2020-01-16	House	Assigned Finance sub: Subcommittee #1
2020-01-06	House	Referred to Committee on Finance
2020-01-06	House	Prefiled and ordered printed; offered 01/08/20 20102576D

Chapter	Article	Section	Citation Type	Statute Text
58	1	1218	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB708
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB708+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H1001V0003+HB0708