Virginia Senate Bill 508 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on February 11 2016 - 50% progression, died in committee
Action: 2016-03-08 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Corporate income tax; addback for Captive REIT dividends. Provides that the voting power or value of the beneficial interests or shares in a real estate investment trust (REIT) that is held in a segregated asset account of a life insurance corporation shall not be taken into consideration when determining if the REIT is a Captive REIT for corporate income tax purposes. Under current law, no deduction from corporate income is allowed for dividends paid by a Captive REIT. The bill modifies current law for purposes of determining whether a REIT is a Captive REIT that will not be allowed a deduction for the dividends it pays. The bill is effective for taxable year 2016 and thereafter.

Corporate income tax; addback for Captive REIT dividends.

Sen. Glen Sturtevant [R]

2016-02-11 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-10 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-09 - Senate - Senate: Reported from Finance (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2016-03-08	House	Left in Finance
2016-02-15	House	Referred to Committee on Finance
2016-02-15	House	Read first time
2016-02-15	House	Placed on Calendar
2016-02-11	Senate	Passed Senate (40-Y 0-N)
2016-02-11	Senate	Constitutional reading dispensed (40-Y 0-N)
2016-02-11	Senate	Read second time and engrossed
2016-02-10	Senate	Constitutional reading dispensed (40-Y 0-N)
2016-02-09	Senate	Reported from Finance (15-Y 0-N)
2016-01-12	Senate	Referred to Committee on Finance
2016-01-12	Senate	Prefiled and ordered printed; offered 01/13/16 16102015D

Chapter	Article	Section	Citation Type	Statute Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+SB508
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB508+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+S05V0088+SB0508
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0313SB0508+SB0508
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0331SB0508+SB0508
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0332SB0508+SB0508