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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 | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

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.

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED SENATE:

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.

SUMMARY AS INTRODUCED:

Income taxes; recognition of income from capital gains. Grants an income tax exemption for any gain taxed as a capital gain for federal income tax purposes, on or after January 1, 2010, that is related to a qualified investment of a technology and science start-up business made in the first three years in which the business was founded.