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2000 SESSION

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HB 578 Income tax; subtractions for tobacco settlement funds.

Introduced by: Clarence E. (Bud) Phillips | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; subtractions for income received by tobacco growers and tobacco quota owners or holders from tobacco settlement funds. Provides a subtraction from federal adjusted gross income for individuals, and from federal taxable income for corporations, when calculating Virginia taxable income for any amounts received by tobacco growers and quota owners or holders, or tobacco growing and quota owning or holding businesses from tobacco settlement funds. This subtraction will be allowed for taxable years beginning on and after January 1, 1999. The bill declares that an emergency exists and that it is effective upon passage.

FULL TEXT

• 01/19/00  House: Presented & ordered printed w/emg. clause 002446884  pdf

HISTORY

• 01/19/00  House: Presented & ordered printed w/emg. clause 002446884
• 01/19/00  House: Referred to Committee on Finance
• 01/24/00  House: Assigned to Finance sub-committee: 2
• 02/09/00  House: No action taken by Finance (23-Y 0-N)
• 02/09/00  House: Incorporated in other legislation (HB176-Clement)