Virginia House Bill 335 (Prior Session Legislation)

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

Individual and corporate income taxes; subtraction for investment in small businesses. Grants an individual and corporate income tax deduction for any income taxed (i) as a gain for federal income tax purposes attributable to an investment in a small business held for a period of at least five years or (ii) as investment services partnership interest income for federal income tax purposes attributable to an investment in a small business. The bill defines a small business as a business having (a) a principal office or facility in the Commonwealth and (b) immediately after and at all times prior to the investment, aggregate assets that totaled less than $50 million in cash plus the aggregate adjusted bases of all other property held by the business. The bill applies to investments in small businesses made on or after January 1, 2012. The deduction is limited to any gain or investment services partnership interest income attributable to the first $500,000 invested by the individual or corporation in the respective small business.

Income tax, state and corporate; deduction for investors in small businesses.

Del. Ron Villanueva [R]

Date	Chamber	Action
2012-02-06		House: Stricken from docket by 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 12101427D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+HB335
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB335+hil