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2011 SESSION
SB 1136 Income tax, state; international trade facility tax credit.
Introduced by: Frank W. Wagner | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Income tax; international trade facility tax credit. Grants an income tax credit equal to (i) $3,000 for every employee hired by Virginia shippers that results from increased cargo moving through a Virginia cargo facility operated by the Virginia Port Authority or (ii) two percent of any capital investment made by a Virginia shipper to facilitate increased cargo moving through a Virginia cargo facility operated by the Virginia Port Authority. The taxpayer would elect which credit to take. The Tax Commissioner would be allowed to issue up to $250,000 in tax credits in a fiscal year under the tax credit program. The credit will become available for taxable years on and after January 1, 2011, but before January 1, 2015.
FULL TEXT
- 01/12/11 Senate: Prefiled and ordered printed; offered 01/12/11 11101308D pdf | impact statements
- 02/02/11 Senate: Committee substitute printed 11105072D-S1 pdf | impact statement
- 02/21/11 Senate: Bill text as passed Senate and House (SB1136ER) pdf | impact statement
- 03/10/11 Governor: Acts of Assembly Chapter text (CHAP0049) pdf
AMENDMENTS
HISTORY
- 01/12/11 Senate: Prefiled and ordered printed; offered 01/12/11 11101308D
- 01/12/11 Senate: Referred to Committee on Finance
- 02/02/11 Senate: Reported from Finance with substitute (11-Y 4-N)
- 02/02/11 Senate: Committee substitute printed 11105072D-S1
- 02/03/11 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/11 Senate: Read second time
- 02/04/11 Senate: Reading of substitute waived
- 02/04/11 Senate: Committee substitute agreed to 11105072D-S1
- 02/04/11 Senate: Engrossed by Senate - committee substitute SB1136S1
- 02/07/11 Senate: Read third time and passed Senate (37-Y 3-N)
- 02/07/11 Senate: Reconsideration of passage agreed to by Senate (40-Y 0-N)
- 02/07/11 Senate: Passed Senate (35-Y 5-N)
- 02/09/11 House: Placed on Calendar
- 02/09/11 House: Read first time
- 02/09/11 House: Referred to Committee on Finance
- 02/14/11 House: Reported from Finance with amendments (18-Y 2-N)
- 02/15/11 House: Read second time
- 02/16/11 House: Read third time
- 02/16/11 House: Committee amendments agreed to
- 02/16/11 House: Engrossed by House as amended
- 02/16/11 House: Passed House with amendments (75-Y 22-N)
- 02/16/11 House: VOTE: PASSAGE (75-Y 22-N)
- 02/16/11 Senate: House amendments agreed to by Senate (39-Y 0-N)
- 02/21/11 Senate: Enrolled
- 02/21/11 Senate: Bill text as passed Senate and House (SB1136ER)
- 02/21/11 House: Signed by Speaker
- 02/22/11 Senate: Signed by President
- 03/10/11 Governor: Approved by Governor-Chapter 49 (effective 7/1/11)
- 03/10/11 Governor: Acts of Assembly Chapter text (CHAP0049)