VA HB435 | 2014 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 4 2014 - 25% progression, died in committee
Action: 2014-02-12 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 4 2014 - 25% progression, died in committee
Action: 2014-02-12 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Machinery and tools, merchants' capital and BPOL taxes; maximum rates and income tax credits. Prohibits a locality from increasing its merchants' capital tax, local license (BPOL) fees and taxes, and taxes on machinery and tools used in a business above the locality's rates in effect as of January 1, 2014, and establishes refundable income tax credits for the same taxes beginning with taxable year 2014. The refundable individual and corporate income tax credits would equal 33 percent of such taxes paid during the taxable year. The credit would sunset on December 31, 2018. The bill also would prohibit any subtraction or deduction for these taxes in computing Virginia taxable income.
Title
Machinery and tools, merchants' capital, and BPOL taxes; maximum rates and income tax credits.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2014-02-12 | House | Left in Finance |
2014-01-04 | House | Referred to Committee on Finance |
2014-01-04 | House | Prefiled and ordered printed; offered 01/08/14 14102075D |
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
58 | 1 | 322 | (n/a) | See Bill Text |
58 | 1 | 3508.6 | (n/a) | See Bill Text |
58 | 1 | 3509 | (n/a) | See Bill Text |
58 | 1 | 3706 | (n/a) | See Bill Text |
58 | 1 | 402 | (n/a) | See Bill Text |
58 | 1 | 439.12:11 | (n/a) | See Bill Text |
Virginia State Sources
Type | Source |
---|---|
Summary | https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB435 |
Text | https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB435+hil |