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2014 SESSION

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Senate Committee on Finance

Chairman: Walter A. Stosch

Clerk: Patty Lung, Wesley Bland
Staff: Nicole Brenner, Mark Vucci
Date of Meeting: January 21, 2014
Time and Place: 9:00 a.m. - Senate Room B
Revised - Added HB 1085 & moved SB 84 to Wed. Docket

H.B. 1085

Patron: Ware

Income tax; earned income tax credit. Extends the period in which low-income taxpayers may take advantage of the enhanced earned income tax credit, from taxable years beginning prior to January 1, 2013, to taxable years beginning prior to January 1, 2018. The bill contains an emergency clause.

EMERGENCY

S.B. 7

Patron: Stuart

Virginia State Bar; Clients' Protection Fund. Repeals the July 1, 2015, sunset provision on the Supreme Court's authority to adopt rules assessing members of the Virginia State Bar an annual fee of up to $25 to be deposited in the Clients' Protection Fund.

S.B. 170

Patron: Stanley

Mandatory judicial retirement. Increases the mandatory retirement age under the Judicial Retirement System from 70 years of age to 72 years of age.

S.B. 175

Patron: Black

Real property tax exemption for religious bodies. Clarifies the meaning of real property used exclusively for religious worship for determining the real property tax exemption for religious bodies.

S.B. 282

Patron: Cosgrove

Virginia Fire Services Board; meetings. Provides for the Virginia Fire Services Board to meet at least four times per calendar year. Under current law, the Board is limited to meeting no more than four times per calendar year.

S.B. 289

Patron: Carrico

Line of Duty Act; funding and review. Creates a Line of Duty Death and Health Benefits Fund and provides for the funding of Line of Duty claims. The bill also establishes an advisory review board to assist the Comptroller in the review of claims involving a claimant who has not received a disability determination from the Virginia Retirement System, Social Security Administration, Workers' Compensation Commission, or any recognized retirement system or who is, as of the time the claim for benefits had been filed, working in an alternative position.

S.B. 320

Patron: Ebbin

Local paper and plastic bag tax. Authorizes localities in Planning District 8 by ordinance to impose a tax on disposable paper bags and disposable plastic bags. Revenues from the local tax would be collected by the Tax Commissioner and distributed monthly to the county or city imposing the tax. The bill requires each county or city adopting an ordinance to impose the tax to provide a certified copy of the ordinance to the Tax Commissioner at least six months prior to the date the tax is to become effective.

S.B. 428

Patrons: Hanger, Vogel

Personal property tax; telephone and telegraph companies. Authorizes localities to tax the personal property of telephone and telegraph companies not used in furnishing telegraph, telephone, broadband personal, or mobile commercial communication services, at the applicable personal property rate. Under current law, all personal property of telegraph and telephone companies must be taxed at the locality's real property tax rate. The bill also requires telephone and telegraph companies to include in their annual report to the State Corporation Commission separate listings of property according to whether or not it is used in furnishing telegraph, telephone, broadband personal, or mobile commercial communication services.

S.B. 480

Patron: Norment

Real property tax; notice of assessment. Requires every notice of assessment to set forth (i) the new and prior two appraised values of land and appraised value of improvements, and the assessed values of such if different from the appraised values; (ii) the new tax rate and the rates for the prior two tax years; (iii) the total new tax levy and the tax levies for the prior two years; and (iv) the percentage changes in such levies. Under current law, such information is required for the current year and the prior year.

S.B. 483

Patron: Stuart

Real property tax liens. Provides that if a taxpayer agrees, a third party who pays the delinquent taxes due on the taxpayer's real property may be assigned the tax lien on the property.

S.B. 488

Patron: Norment

King William County and the Town of West Point; allocation of revenues for schools. Creates a special school tax district in King William County and governs the allocation of revenue for schools in King William County and the Town of West Point as a means of continuing the "split levy" of King William County's taxes in the Town of West Point and outside the Town. The bill contains an emergency clause.

EMERGENCY

S.B. 493

Patron: Puckett

Line of Duty Act; funding and review. Creates a Line of Duty Death and Health Benefits Fund and provides for the funding of Line of Duty claims. The bill also establishes an advisory review board to assist the Comptroller in the review of claims involving a claimant who has not received a disability determination from the Virginia Retirement System, Social Security Administration, Workers' Compensation Commission, or any recognized retirement system or who is, as of the time the claim for benefits had been filed, working in an alternative position.

S.B. 494

Patron: Marsh

Reduced cigarette ignition propensity; penalties. Transfers administration of the reduced cigarette ignition propensity (RCIP) program from the Commissioner of Agriculture and Consumer Services to the Executive Director of the Department of Fire Programs. The RCIP program, enacted in 2008, restricted the manufacture, sale, or offer for sale of cigarettes that do not meet a performance standard for fire safety. Manufacturers are assessed a fee of $250 per brand, the proceeds from which are to be deposited in the Cigarette Fire Safety Standard and Firefighter Protection Act Fund. Violators are subject to civil penalties.

S.B. 508

Patron: Wagner

Real and personal property tax exemption; aviation museum. Permits any locality to exempt any real or personal property the legal title to which is not held by a nonprofit entity but is subject to the sole use and occupancy of a nonprofit entity, as long as the nonprofit entity uses such property solely to (i) exhibit or display certain military aircraft to the general public or (ii) use such aircraft for educational purposes.

S.B. 515

Patron: Wagner

Domestic international sales corporations; income taxation. Exempts a domestic international sales corporation (DISC) and any income attributable to a DISC from income taxes.

S.B. 586

Patron: Colgan

Distribution of communications sales and use tax revenues. Changes the distribution of communications sales and use tax revenues beginning with the month of August 2014 by providing that (i) first, each town would receive the same proportion of such revenues it received in fiscal year 2013-2014 and (ii) all of the remaining revenues would be distributed pro rata to those counties and cities that received a distribution in fiscal year 2013-2014, based upon the population of the county or city as shown by the most recent United States census. Currently, communications sales and use tax revenues are essentially distributed according to each locality's share of telecommunications and television cable funds (local consumer utility tax on landlines and wireless, E-911, business license tax in excess of 0.5 percent, cable franchise fee, video programming excise tax, local consumer utility tax on cable television) collected throughout the Commonwealth in fiscal year 2006.

S.B. 611

Patron: Saslaw

Automated sales suppression device; penalties. Makes it a Class 6 felony to willfully and knowingly sell, purchase, install, transfer, or possess an automated sales suppression device. An automated sales suppression device is an electronic means of falsifying records of cash registers and other point-of-sale systems. A guilty party is also subject to a $10,000 civil penalty and revocation of any registration, license, or bond issued pursuant to the tax laws of the Commonwealth.