Virginia Senate Bill 745 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on December 14 2012 - 25% progression, died in committee
Action: 2013-02-06 - Left in Finance
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Corporate income tax; lower rate for certain businesses. Reduces the corporate income tax rate from six percent to three percent for the first three years after a business located outside Virginia opens a satellite office in a Virginia locality with a population of 200,000 or less or after a business located in a Virginia locality with a population exceeding 200,000 opens a satellite office or operation in a Virginia locality with a population of 200,000 or less, for taxable years beginning on or after January 1, 2013. The bill provides that the capital investment made by the corporation must be $250,000 or more and the tax reduction may not exceed the amount of that capital investment.

Income tax, corporate; lower rate for certain businesses.

Sen. William Stanley [R]

Date	Chamber	Action
2013-02-06	Senate	Left in Finance
2012-12-14	Senate	Referred to Committee on Finance
2012-12-14	Senate	Prefiled and ordered printed; offered 01/09/13 13100295D

Chapter	Article	Section	Citation Type	Statute Text
58	1	400	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?131+sum+SB745
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+SB745+hil