2014 SESSION

Convened January 8, 2014
Adjourned sine die March 8, 2014
Reconvened April 23, 2014
Adjourned sine die April 23, 2014

INCOME TAX

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

(C) Carried over to 2015 Session

Domestic international sales corporations (DISC); exempt from income taxation beginning on or after January 1, 2014. Amending § 58.1-401. (Patron-Villanueva, HB 480 (Chapter 26); Wagner, SB 515 (Chapter 186))

Economic development, local; Virginia income tax net revenue and sales and use tax generated by certain corporations or limited liability companies within a qualified locality shall be transferred to locality under certain conditions. Adding § 15.2-941.1. (Patron-Garrett, SB 656 (C))

Income and sales and use taxes; expiration dates for various credits and exemptions. Amending §§ 58.1-334, 58.1-337, 58.1-339.2, 58.1-339.3, 58.1-339.4, 58.1-339.6, 58.1-432, 58.1-436, 58.1-438.1, 58.1-439, 58.1-439.1, and 58.1-609.1. (Patron-Hugo, HB 995 (C))

Income tax, corporate; eliminates tax for taxable years beginning on or after January 1, 2015. Amending § 58.1-400. (Patron-Martin, SB 619 (C))

Income tax, corporate; establishes beginning with 2015 taxable year taxable income threshold for corporate income tax liability and increases amount corporation expects to pay to require estimated payments of income tax. Amending § 58.1-500; adding § 58.1-400.4. (Patron-LeMunyon, HB 453 (C))

Income tax, corporate; market-based sourcing. Amending § 58.1-416. (Patron-Davis, HB 442 (F))

Income tax, corporate; tax rate shall be five percent beginning taxable years on or after January 1, 2015. Amending § 58.1-400. (Patron-Cline, HB 1243 (C))

Income tax, state; changes low-income tax credit to make any amount that exceeds taxpayer’s income tax liability refundable to taxpayer. Amending § 58.1-339.8. (Patron-Plum, HB 1151 (F))

Income tax, state; creates home school instruction tax credit. Adding § 58.1-339.13. (Patron-Ramadan, HB 239 (F))

Income tax, state; credit for disabled military veterans. Adding § 58.1-339.13. (Patron-Kilgore, HB 1020 (F))

Income tax, state; deduction for mental health professionals volunteering at community services boards. Amending § 58.1-322. (Patron-McClellan, HB 717 (C))

Income tax, state; deduction for payment of certain tolls. Amending § 58.1-322. (Patron-James, HB 347 (F))

Income tax, state; deduction for prepaid funeral, medical, and dental insurance premiums. Amending § 58.1-322. (Patron-Kory, HB 314 (C))

Income tax, state; establishes refundable tax credit that is a portion of general fund surplus for corresponding fiscal year. Amending § 2.2-1514; adding § 58.1-339.13. (Patron-LeMunyon, HB 1190 (F))

Income tax, state; establishes subtraction for annual retirement compensation received for service as member of armed forces of United States or Virginia National Guard. Amending § 58.1-322. (Patron-Futrell, HB 777 (F); Kilgore, HB 1021 (F))

Income tax, state; extends period certain taxpayers may take earned income tax credit. Amending § 58.1-301. (Patron-Ware, HB 1085 (Chapter 1))

Income tax, state; persons who are in union that is a marriage recognized under Virginia law may file jointly. Amending §§ 58.1-324, 58.1-326, and 58.1-341. (Patron-Marshall, R.G., HB 444 (F))

Income tax, state; tax brackets, etc., adjusted for inflation. Amending §§ 58.1-320 and 58.1-322. (Patron-LeMunyon, HB 432 (F))

Income tax, state; Tax Commissioner and State Comptroller to implement procedures to allow an individual to elect to have his income tax refund paid by check mailed to his address, refund through issuance of no-fee prepaid debit card. Amending § 58.1-1833. (Patron-LeMunyon, HB 440 (F))

Income tax, state; Tax Commissioner and State Comptroller to implement procedures to allow an individual to elect to have his refund paid by check mailed to his address. Amending § 58.1-1833. (Patron-Carr, HB 89 (F); Minchew, HB 151 (F); Kory, HB 319 (F); Barker, SB 141 (I) See SB27)

Income tax, state; Tax Commissioner and State Comptroller to implement procedures to allow an individual to elect to have his refund paid by check mailed to his address, no refund shall be paid through issuance of a prepaid debit card. Amending § 58.1-1833. (Patron-Ebbin, SB 27 (F))

Income tax, state; tax credit for completion of public school renovation. Adding § 58.1-439.12:11. (Patron-Stolle, HB 896 (C))

Income tax, state; tax credit for principal paid on business loans. Adding § 58.1-339.13. (Patron-Davis, HB 381 (C))

Income tax, state; tax credit to persons who purchase home from member of armed forces. Adding § 58.1-339.13. (Patron-Futrell, HB 782 (F))

Income tax, state; tax credits for certain home instruction expenses or private school tuition and expenses. Adding § 58.1-339.13. (Patron-LaRock, HB 950 (F))

Income tax, state; working families child care tax credit, created, credit for certain child-care expenses. Adding § 58.1-339.13. (Patron-Peace, HB 1047 (C))

Income tax, state and corporate; credit for food crop donations to a food bank. Amending §§ 58.1-322 and 58.1-402; adding § 58.1-439.12:11. (Patron-Cline, HB 974 (C))

Income tax, state and corporate; tax credit for small businesses hiring graduates of Virginia’s public colleges. Adding § 58.1-439.12:11. (Patron-Herring, HB 678 (F))

Machinery and tools, merchants’ capital, and Business, Professional, and Occupational License (BPOL) taxes; maximum rates and income tax credits. Amending §§ 58.1-322, 58.1-402, 58.1-3509, and 58.1-3706; adding §§ 58.1-439.12:11 and 58.1-3508.6. (Patron-LeMunyon, HB 435 (F))

Motion picture production; changes income tax credit, taxable years beginning on and after January 1, 2011, but prior to January 1, 2019. Amending § 58.1-439.12:03. (Patron-Kilgore, HB 460 (Chapter 730))

Tax information; Department of Taxation to disclose total aggregate amount of an income tax deduction or credit taken by all taxpayers upon request by General Assembly, etc. Amending § 58.1-3. (Patron-Toscano, HB 121 (Chapter 195))

Tax restructuring; modifies individual income and retail sales and use taxes. Amending §§ 15.2-5800, 15.2-5921, 33.1-23.03:2, 33.1-23.03:8, 58.1-320, 58.1-321, 58.1-603, 58.1-604, 58.1-604.1, 58.1-608.3, 58.1-609.5, 58.1-609.10, 58.1-609.11, 58.1-611.1, 58.1-614, 58.1-638, and 58.1-639; adding §§ 33.1-23.5:5 and 58.1-604.1:1; repealing §§ 58.1-603.1 and 58.1-604.01. (Patron-Lingamfelter, HB 729 (C))

Teachers Relocation Incentive Grant Fund; created, grants awarded to qualified teachers. Adding § 22.1-289.3. (Patron-Stanley, SB 168 (F))