2012 SESSION

Convened January 11, 2012
Adjourned sine die March 10, 2012
Reconvened April 18, 2012
Adjourned sine die April 18, 2012

CORPORATIONS

(P) Passed (F) Failed (V) Vetoed (I) Incoporated into other legislation

(C) Carried over

Benefit limited liability companies; purpose is to create general public benefit and one or more specific public benefits. Adding §§ 13.1-1081 through 13.1-1090. (Patron-McClellan, HB 354 (F))

Business entities; clarifies that name of entity cannot imply that it is another type of business. Amending §§ 13.1-630, 13.1-762, 13.1-829, 13.1-924, 13.1-1012, 13.1-1054, 13.1-1214, 13.1-1244, 50-73.2, 50-73.24, and 50-73.78. (Patron-Johnson, HB 845 (Chapter 63))

Business, professional, and occupational license (BPOL) tax; maximum fee and tax rates established by a locality, taxable income of corporations, etc. Amending §§ 58.1-3702 and 58.1-3706. (Patron-Cole, HB 10 (C))

Corporate tax credit; taxes paid in another state. Adding § 58.1-439.12:11. (Patron-May, HB 811 (F))

Corporations; filing articles of dissolution. Amending §§ 13.1-604, 13.1-743, 13.1-804, and 13.1-904. (Patron-LeMunyon, HB 610 (F))

Corporations and limited liability companies; conversions, dissolutions, and procedures. Amending §§ 13.1-603, 13.1-654, 13.1-655, 13.1-657, 13.1-661, 13.1-674, 13.1-711, 13.1-732, 13.1-734, 13.1-737, 13.1-749.1, 13.1-803, 13.1-838, 13.1-839, and 13.1-1023; adding §§ 13.1-944.1 through 13.1-944.7 and 13.1-1047.1. (Patron-Watkins, SB 50 (Chapter 706))

Corporations and other business entities; conversion and termination. Amending §§ 13.1-604.1, 13.1-616, 13.1-722.2, 13.1-722.4, 13.1-722.11, 13.1-767, 13.1-816, 13.1-888, 13.1-898.2, 13.1-898.4, 13.1-929, 13.1-1005, 13.1-1056, 13.1-1075, 13.1-1077, 13.1-1204, 13.1-1246, 13.1-1266, 13.1-1268, 50-73.17, and 50-73.58. (Patron-Purkey, HB 519 (Chapter 130))

Income tax, corporate; combined reporting requirements. Adding §§ 58.1-423.1 through 58.1-423.6. (Patron-Scott, J.M., HB 1267 (C))

Income tax, corporate; corporations not allowed to claim tax credit to reduce tax below $250. Amending § 58.1-400. (Patron-Englin, HB 1030 (F))

Income tax, corporate; creates industrial building rehabilitation tax credit. Adding § 58.1-439.12:11. (Patron-Stanley, SB 68 (C))

Income tax, corporate; credit for contracting with small or minority-owned, veteran-owned, or women-owned businesses. Adding § 58.1-439.12:11. (Patron-Habeeb, HB 228 (C))

Income tax, corporate; Department of Taxation shall assess manufacturing companies with additional taxes based on annual number and average wage of full-time employees. Amending § 58.1-422. (Patron-Byron, HB 460 (Chapter 427))

Income tax, corporate; eliminates tax for taxable years beginning on and after January 1, 2013. Repealing §§ 58.1-400 through 58.1-423, 58.1-432 through 58.1-439.12:10, and 58.1-500 through 58.1-504. (Patron-Cline, HB 248 (C))

Income tax, corporate; entity in Virginia to receive tax credit equal to amount of income tax paid in another state for sales in that state. Adding § 58.1-439.12:11. (Patron-Watkins, SB 78 (F))

Income tax, corporate; Joint Legislative Audit and Review Commission to study phase-out of tax. (Patron-McWaters, SJR 85 (C))

Income tax, corporate; lower tax rate for certain businesses. Amending § 58.1-400. (Patron-Ransone, HB 149 (C); Stanley, SB 61 (C))

Income tax, corporate; requires retail companies to use a sales factor apportionment formula for tax payment. Amending § 58.1-408; adding § 58.1-422.1. (Patron-Ware, R.L., HB 154 (Chapter 86); Watkins, SB 49 (Chapter 666))

Income tax, corporate; tax credits for donations to non-profit organizations providing assistance to low-income families, eligible students with disabilities, and certain scholarship foundations. Amending §§ 58.1-439.18 through 58.1-439.21 and 58.1-439.24; adding §§ 58.1-439.25 through 58.1-439.28. (Patron-Stanley, SB 131 (Chapter 731))

Income tax, corporate; tax credits for donations to non-profit organizations providing assistance to low-income families, eligible students with disabilities, and certain scholarship foundations. Amending §§ 58.1-439.18 through 58.1-439.21 and 58.1-439.24; adding §§ 58.1-439.25 through 58.1-439.28; repealing third enactment of Chapter 851, 2009 Acts. (Patron-Massie, HB 321 (Chapter 842))

Income tax, state and corporate; credit for service renewable energy property. Amending § 58.1-439.2; adding §§ 58.1-331.1 and 58.1-431.1. (Patron-Kory, HB 1170 (C))

Income tax, state and corporate; deduction for investors in small businesses. Amending §§ 58.1-322 and 58.1-402. (Patron-Villanueva, HB 335 (F))

Income tax, state and corporate; extends subtraction for capital gains from investments in qualified businesses. Amending §§ 58.1-322 and 58.1-402. (Patron-Comstock, HB 1013 (Chapter 96); Herring, SB 226 (Chapter 256))

Income tax, state and corporate; tax credit for hiring certain individuals released from incarceration. Adding § 58.1-439.12:11. (Patron-Englin, HB 1023 (F))

Income tax, state and corporate; tax credit for hiring veterans. Adding § 58.1-439.12:11. (Patron-Keam, HB 1041 (C))

Interscholastic activities; requires Board of Education to act as liaison between local school divisions and any nonprofit corporation. Adding § 22.1-20.1. (Patron-Ware, O., HB 488 (F))

Limited liability companies; provides for designation of a type of company as low-profit. Amending §§ 13.1-1002, 13.1-1008, 13.1-1011, 13.1-1012, and 13.1-1050.3. (Patron-Deeds, SB 351 (F))

Limited liability company; charging orders entered against sole member of company. Amending § 13.1-1041.1. (Patron-Petersen, SB 165 (F))

Microenterprise Investment Grant Fund and Program; created. Adding §§ 2.2-904.3 and 2.2-904.4. (Patron-Ebbin, SB 262 (F))

Microenterprise investment tax credits; created for individuals who make qualified investment. Adding § 58.1-339.13. (Patron-Lopez, HB 783 (F))

Satellite office expenses tax credit; creates a $250,000 tax credit for certain businesses. Adding § 58.1-439.12:11. (Patron-Stuart, SB 178 (C))

Small Business Investment Grant Fund; created. Adding § 2.2-904.3. (Patron-Merricks, HB 585 (Chapter 657); McDougle, SB 344 (Chapter 669))