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2007 SESSION

• | print version

SB 1283 Income tax, state; provisions for income and loss of an electing small business corporation.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income taxes.  Provides that income and loss of an electing small business corporation (S corporation) subject to Virginia's bank franchise tax shall be excluded by the shareholders of such S corporation in computing individual income taxes. However, such shareholders would be subject to the individual income tax on any distributions received from such S corporation.

FULL TEXT

• 01/10/07  Senate: Prefiled and ordered printed; offered 01/10/07 077473824  pdf | impact statement
• 02/22/07  Senate: Bill text as passed Senate and House (SB1283ER)  pdf | impact statement
• 03/21/07  Governor: Acts of Assembly Chapter text (CHAP0359)  pdf

AMENDMENTS

• House amendments
• House amendments engrossed

HISTORY

• 01/10/07  Senate: Prefiled and ordered printed; offered 01/10/07 077473824
• 01/10/07  Senate: Referred to Committee on Finance
• 01/31/07  Senate: Reported from Finance (13-Y 0-N 1-A)
• 02/01/07  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/01/07  Senate: VOTE: (39-Y 0-N)
• 02/02/07  Senate: Read second time and engrossed
• 02/05/07  Senate: Read third time
• 02/05/07  Senate: Passed Senate (36-Y 0-N 3-A)
• 02/05/07  Senate: VOTE: (36-Y 0-N 3-A)
• 02/05/07  Senate: Communicated to House
• 02/06/07  House: Placed on Calendar
• 02/06/07  House: Read first time
• 02/06/07  House: Referred to Committee on Finance
• 02/12/07  House: Reported from Finance with amendments (20-Y 0-N)
• 02/13/07  House: Read second time
• 02/14/07  House: Read third time
• 02/14/07  House: Committee amendments agreed to
• 02/14/07  House: Engrossed by House as amended
• 02/14/07  House: Passed House with amendments BLOCK VOTE (95-Y 0-N)
• 02/14/07  House: VOTE: BLOCK VOTE PASSAGE (95-Y 0-N)
• 02/16/07  Senate: House amendments agreed to by Senate (37-Y 0-N 2-A)
• 02/16/07  Senate: VOTE: (37-Y 0-N 2-A)
• 02/22/07  Senate: Enrolled
• 02/22/07  Senate: Bill text as passed Senate and House (SB1283ER)
• 02/23/07  House: Signed by Speaker
• 02/24/07  Senate: Signed by President
• 03/13/07  Governor: Approved by Governor-Chapter 359 (effective 7/1/07)
• 03/21/07  Governor: Acts of Assembly Chapter text (CHAP0359)