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2012 SESSION
HB 10 BPOL tax; maximum fee and tax rates established by a locality.
Introduced by: Mark L. Cole | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
BPOL tax; maximum fee and tax rates established. Prohibits a locality from increasing its local license (BPOL) fees or taxes above the rates of its BPOL fees and taxes imposed for the 2011 license year. The prohibition on increasing BPOL fees and taxes expires beginning with the 2015 license year. The bill also authorizes a locality to impose the BPOL tax on (i) gross receipts or (ii) the Virginia taxable income of a corporation, the net income of a sole proprietorship, and the net income of a pass-through entity.
SUMMARY AS INTRODUCED:
BPOL tax; maximum fee and tax rates established. Precludes a locality from increasing its local license (BPOL) fees or taxes above the rates of its BPOL fees and taxes imposed for the 2011 license year. The bill also provides that a locality that elects to impose a BPOL tax on Virginia taxable income may not thereafter impose the tax on gross receipts.