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2010 SESSION

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SB 705 Taxation, new and increased; additional revenues to be appropriated for funding SOQ.

Introduced by: Mamie E. Locke | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

New and increased taxes for funding the Standards of Quality. Provides additional revenues to be appropriated for funding the Standards of Quality by (i) establishing an additional individual income tax of three percent in taxable years 2011, 2012, and 2013 on Virginia taxable income that is in excess of $250,000 for each single person and on Virginia combined taxable income that is in excess of $500,000 for each married couple; (ii) means testing the age deduction for all taxpayers regardless of date of birth for taxable years beginning on or after January 1, 2011; (iii) delaying by one year the phase-in of the single sales factor for corporate income tax purposes; (iv) for taxable years beginning on or after January 1, 2011, allocating for taxation in the Commonwealth the portion of the taxable income of a corporation that a non-domiciliary state is prohibited from taxing under the Constitution of the United States, provided that the commercial domicile of the corporation is in the Commonwealth; (v) for taxable years beginning on or after January 1, 2011, requiring combined reporting for corporate income tax purposes; (vi) reducing from $100,000 to $50,000 the total amount of the land preservation tax credit that may be claimed by a taxpayer in the 2011 and 2012 taxable years; (vii) extending the retail sales and use tax to digital downloads (musicals, publications, greeting cards, etc.) and computer services; (viii) presuming certain dealers to be soliciting or transacting business in the Commonwealth by an independent contractor, agent, or other representative if the dealer enters into an agreement with a resident of the Commonwealth under which the resident, for a commission or other consideration, refers potential customers to the dealer; and (ix) reinstating the state estate tax for persons dying between July 1, 2010, and July 1, 2013.    


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