2012 SESSION

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

INCOME TAX

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

(C) Carried over

Grantor trusts; prohibits creditors from compelling trustee to exercise his discretionary authority to pay income taxes on trust income. Amending §§ 55-277.26 and 55-545.05. (Patron-Stuart, SB 432 (Chapter 718))

Historic rehabilitation tax credit; any gain or income under federal law relating to allocation of credit would not be gain or income for State tax purposes. Amending § 58.1-339.2. (Patron-Cole, HB 531 (Chapter 92); Vogel, SB 444 (Chapter 639))

Home school instruction tax credit; includes amount paid for materials and correspondence courses or distance learning programs. Adding § 58.1-339.13. (Patron-Ramadan, HB 1006 (C))

Income tax; provides definition of tax for purposes of certain tax credits paid to another state or foreign country. Adding § 58.1-332.2. (Patron-Stosch, SB 681 (Chapter 292))

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; 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; repealing third enactment of Chapter 851, 2009 Acts. (Patron-Massie, HB 321 (Chapter 842))

Income tax credits, public-private partnerships, and other public-private investment programs; House and Senate Committees on Finance to study and determine multiplier effects of various types. (Patron-Purkey, HJR 85 (P))

Income tax, state; advances conformity with federal law. Amending §§ 58.1-301 and 58.1-322. (Patron-Purkey, HB 516 (Chapter 2); Stosch, SB 463 (Chapter 578))

Income tax, state; conformity with federal law. Amending § 58.1-301. (Patron-Massie, HB 1153 (Chapter 335); Stosch, SB 462 (Chapter 480))

Income tax, state; creates deductions for life, medical, and dental insurance premiums. Amending § 58.1-322. (Patron-Purkey, HB 517 (C))

Income tax, state; credit for solar energy equipment systems. Adding § 58.1-439.12:11. (Patron-Sickles, HB 883 (C))

Income tax, state; deconforms State laws from two provisions of Patient Protection and Affordable Care Act. Amending § 58.1-301. (Patron-Black, SB 673 (C))

Income tax, state; deduction for certain purchases from space flight entities. Amending § 58.1-322. (Patron-Kilgore, HB 19 (F))

Income tax, state; deduction for tolls. Amending § 58.1-322. (Patron-Rust, HB 862 (C))

Income tax, state; deductions for life, medical, and dental insurance premiums for an individual age 66 or older with certain earned income. Amending § 58.1-322. (Patron-Purkey, HB 518 (C))

Income tax, state; extension of time to file tax return. Amending § 58.1-344. (Patron-Toscano, HB 1264 (F))

Income tax, state; increases long-term care insurance credit. Amending § 58.1-339.11. (Patron-Garrett, HB 505 (C); Newman, SB 341 (C))

Income tax, state; military retirement pay subtraction. Amending § 58.1-322. (Patron-Kilgore, HB 130 (C))

Income tax, state; subtraction for certain death benefit payments. Amending § 58.1-322. (Patron-Sickles, HB 879 (Chapter 305))

Income tax, state; tax credit for disabled military veterans. Adding § 58.1-339.13. (Patron-Kilgore, HB 131 (C))

Income tax, state; tax credit for hiring military persons as STEM (science, technology, engineering, or mathematics) interns. Adding § 58.1-439.12:11. (Patron-Anderson, HB 1050 (C))

Income tax, state; tax credit for taxpayers employing persons in STEM (science, technology, engineering, or mathematics) internship positions. Adding § 58.1-439.12:11. (Patron-Anderson, HB 1049 (C))

Income tax, state; taxation of trusts established for disabled individuals. Amending §§ 58.1-322 and 58.1-360. (Patron-Filler-Corn, HB 1155 (C))

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))

Land conservation tax credit; transfer in event of death. Amending § 58.1-513. (Patron-Deeds, SB 352 (F))

Machinery and tools, local; Department of Taxation to study impact of state income tax credit for taxes paid by manufacturers. (Patron-Wagner, SJR 86 (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))

Small business job creation tax credit; creates an individual and corporate income tax credit beginning January 1, 2012, for small business creating new full-time jobs in State. Adding § 58.1-439.12:11. (Patron-Bell, Richard P., HB 111 (C))

Space flight entities; transfer of certain income tax revenue to Virginia Commercial Space Flight Authority, entities to include limited liability companies. Amending § 58.1-423. (Patron-Kilgore, HB 18 (I) See HB813)

Tax credits, state; publication of names on Department of Taxation’s website of taxpayers claiming credits. Amending § 58.1-202. (Patron-Surovell, HB 664 (F))

Telework expenses tax credit; extended for employers through December 31, 2016. Amending § 58.1-439.12:07. (Patron-Comstock, HB 551 (Chapter 327); Herring, SB 238 (Chapter 341))

Telework expenses tax credit; raises cap on aggregate amount available in calendar years 2012 and 2013. Amending § 58.1-439.12:07. (Patron-Ramadan, HB 1000 (C))

Teleworks tax credit; for individual who teleworks a minimum of 20 hours per week. Adding § 58.1-339.13. (Patron-Ramadan, HB 999 (C))