VA SB904 | 2015 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 19 2015 - 100% progression
Action: 2015-03-19 - Governor: Acts of Assembly Chapter text (CHAP0335)
Text: Latest bill text (Chaptered) [HTML]

Summary

Income tax subtraction for long-term capital gains; extends investment period. Extends from June 30, 2015, to June 30, 2020, the date by which investments in certain technology businesses must be made in order to claim an income tax subtraction for any long-term capital gain or investment services partnership interest income from such investments. Currently, a taxpayer investing in a technology business between April 1, 2010, and June 30, 2015, may claim an income tax subtraction for any long-term capital gain or investment services partnership interest income attributable to such investment if the business has its principal office or facility in the Commonwealth and had less than $3 million in annual revenues in the fiscal year prior to the investment. Under the bill, the Department of Taxation is required to record and, upon request, report the fiscal savings accruing to individuals and corporations claiming the subtraction.

Tracking Information

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Title

Income tax subtraction; long-term capital gain from qualified investments.

Sponsors


Roll Calls

2015-02-13 - House - House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (Y: 99 N: 0 NV: 3 Abs: 0) [PASS]
2015-02-11 - House - House: Reported from Finance (21-Y 0-N) (Y: 21 N: 0 NV: 1 Abs: 0) [PASS]
2015-01-30 - Senate - Senate: Read third time and passed Senate (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-01-28 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-01-27 - Senate - Senate: Reported from Finance with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2015-03-19 Governor: Acts of Assembly Chapter text (CHAP0335)
2015-03-19 Governor: Approved by Governor-Chapter 335 (effective 7/1/15)
2015-02-23 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
2015-02-23SenateEnrolled Bill Communicated to Governor on 2/23/15
2015-02-20SenateSigned by President
2015-02-17HouseSigned by Speaker
2015-02-17SenateBill text as passed Senate and House (SB904ER)
2015-02-17SenateEnrolled
2015-02-13HouseVOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
2015-02-13HousePassed House BLOCK VOTE (97-Y 0-N)
2015-02-13HouseRead third time
2015-02-12HouseRead second time
2015-02-11HouseReported from Finance (21-Y 0-N)
2015-02-06HouseReferred to Committee on Finance
2015-02-06HouseRead first time
2015-02-06HousePlaced on Calendar
2015-01-30SenateRead third time and passed Senate (38-Y 0-N)
2015-01-29SenateEngrossed bill reprinted 15101865D-E
2015-01-29SenatePrinted as engrossed 15101865D-E
2015-01-29SenateEngrossed by Senate as amended SB904E
2015-01-29SenateCommittee amendments agreed to
2015-01-29SenateReading of amendments waived
2015-01-29SenateRead second time
2015-01-28SenateConstitutional reading dispensed (38-Y 0-N)
2015-01-27SenateReported from Finance with amendments (15-Y 0-N)
2015-01-07SenateReferred to Committee on Finance
2015-01-07SenatePrefiled and ordered printed; offered 01/14/15 15101865D

Same As/Similar To

HB1741 (Same As) 2015-03-19 - Governor: Acts of Assembly Chapter text (CHAP0336)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581322(n/a)See Bill Text
581402(n/a)See Bill Text

Virginia State Sources


Bill Comments

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