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2010 SESSION

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SB 428 Income tax, state; exemption for any income taxed as long-term capital gain for federal income tax.

Introduced by: Mark R. Herring | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Income taxes; recognition of income from capital gains.  Grants an income tax deduction for any income taxed as a long-term capital gain for federal income tax purposes or any income taxed as investment services partnership interest income, on or after January 1, 2011, that is related to a qualified investment in a technology and science start-up business having a principal office or facility in the Commonwealth and less than $3 million in annual revenues in the fiscal year prior to the investment.  The deduction would relate to investments made between July 1, 2010, and June 30, 2013.  The bill contains an emergency clause.


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