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2013 SESSION

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Senate Committee on Finance

Chairman: Walter A. Stosch

Clerk: Patty Lung, Cheryl Law
Staff: Nicole Brenner, L. Wallmeyer
Date of Meeting: January 16, 2013
Time and Place: 9:00 a.m. - Senate Room B

S.B. 691

Patron: Martin

Sales and use tax exemption; bullion and currency. Exempts from sales and use tax (i) gold, silver, platinum, and palladium bullion, and (ii) currency.

S.B. 692

Patron: Martin

Elimination of the corporate income tax. Eliminates the corporate income tax for taxable years beginning on or after January 1, 2014, by setting the rate of the tax at zero percent.

S.B. 710

Patron: Hanger

Local taxes; interest on refunds and delinquent taxes. Authorizes a locality to not pay interest on refunds owed to a taxpayer that are due to willful errors made by the taxpayer. The bill also directs the Chairmen of the House and Senate Committees on Finance to convene a working group to consider the feasibility and fiscal impact on local governments of establishing uniform methods of assessing interest earned on overpayment of taxes or charged for underpayment of taxes and uniform criteria for evaluating the timely repayment of taxes.

S.B. 720

Patron: Carrico

Transient occupancy tax; Grayson County. Adds Grayson County to the list of counties authorized to levy a transient occupancy tax not to exceed five percent.

S.B. 730

Patron: Puller

Exemptions for nonprofit entities; veterans organizations. Adds veterans organizations to those nonprofit entities that can qualify for sales and use tax exemption.

S.B. 745

Patron: Stanley

Corporate income tax; lower rate for certain businesses. Reduces the corporate income tax rate from six percent to three percent for the first three years after a business located outside Virginia opens a satellite office in a Virginia locality with a population of 200,000 or less or after a business located in a Virginia locality with a population exceeding 200,000 opens a satellite office or operation in a Virginia locality with a population of 200,000 or less, for taxable years beginning on or after January 1, 2013. The bill provides that the capital investment made by the corporation must be $250,000 or more and the tax reduction may not exceed the amount of that capital investment.

S.B. 799

Patron: Garrett

Real property tax; special valuation for land preservation. Adds Goochland County to the list of localities that are permitted certain variations in administering the special valuation of real property for land preservation purposes. The bill also adds real property in service districts to that which the listed localities may exclude from special valuation and permits such localities to exclude such real property from the imposition of roll-back taxes.

S.B. 817

Patron: Puckett

Property exempt from taxation by designation. Adds Historic Pocahontas, Inc., to the list of organizations whose property is exempt from taxation, so long as the corporation continues to be organized and operated not for profit.

S.B. 838

Patron: Carrico

State employees not participating in Virginia Sickness and Disability Program; purchase of state service. Provides state employees who commenced employment or were rehired before January 1, 1999, and elected to not participate in the Virginia Sickness and Disability Program the option of converting accumulated sick leave into service credit under the Virginia Retirement System. Such option would be available from May 1, 2013, to June 30, 2013. The bill contains an emergency clause.

EMERGENCY

S.B. 851

Patron: Howell

Transient occupancy tax; Arlington County. Reinstates the authority of Arlington County, which expired pursuant to a January 1, 2012, sunset date, to impose an additional transient occupancy tax at a rate not to exceed one-fourth of one percent. The revenues from the tax shall be spent solely for the purpose of promoting tourism and business travel in the county.

S.B. 859

Patron: Blevins

Taxable income; deduction for payment of certain tolls. Allows a qualified taxpayer to deduct from his Virginia adjusted gross income an amount equal to 50 percent of the amount paid by the taxpayer for tolls in a qualified locality. A qualified locality is one in which the unemployment rate is higher than the statewide average and (i) in which a public-private transportation project that includes tolling is located or (ii) that is adjacent to a locality in which such a project is located. A qualified taxpayer is a taxpayer who resides in a qualified locality.

S.B. 918

Patron: Puckett

Local coal severance taxes. Establishes gross income for purposes of the local coal severance taxes by providing that (i) no exclusions from gross income are allowed for rents and royalty payments and (ii) any value added by processing or transportation taking place in another locality is excluded from gross income. The bill establishes a reduced gross income tax of one-half of one percent for small mines. The bill moves the local coal severance taxes out of Chapter 37 of Title 58.1, which sets forth local license tax laws.

The local coal severance taxes would be applied to the gross income from mining of persons severing coal within the county or city.

S.B. 937

Patron: Smith

Local taxes; interest on refunds and delinquent taxes. Authorizes localities not to pay interest on the refund of local taxes when the refund is due to errors made by the taxpayer.

S.B. 970

Patron: Ebbin

Paper and plastic bag fee. Imposes a fee of $0.05 on paper and plastic bags used by purchasers to carry tangible personal property from the place of purchase. Durable, reusable plastic bags and bags used for ice cream, meat, fish, poultry, leftover restaurant food, newspapers, dry cleaning, and prescription drugs are exempt from the fee. Retailers are allowed to retain $0.01 of the $0.05 fee or $0.02 if the retailer has a customer bag credit program. The revenues raised by the fee will be deposited in the Virginia Water Quality Improvement Fund. Failure to collect and remit the fee is punishable by fines of $250, $500, and $1,000 for the first, second, and third or subsequent offenses, respectively.

S.B. 980

Patron: Puckett

Transient occupancy tax; Dickenson County. Adds Dickenson County to the list of counties that may impose a transient occupancy tax not to exceed five percent, rather than the two percent rate available to all counties. Any revenue attributable to any rate over two percent shall be spent solely for tourism and travel purposes.

S.B. 1021

Patron: Howell

Cigarette and other tobacco products taxes; electronic transactions. Authorizes (i) the Attorney General and the Department of Taxation to accept electronic filing of reports by stamping agents and manufacturers and (ii) the Department of Taxation to allow electronic purchase of cigarette tax stamps.

S.B. 1054

Patron: Black

Voluntary contributions of taxpayer refunds; Chesapeake Bay Watershed. Adds the Chesapeake Bay Watershed Implementation Plan, as an option under the Voluntary Chesapeake Bay Restoration Contribution, to the list of organizations that may receive contributions of taxpayer refunds.