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2014 SESSION

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Senate Committee on Finance

Co-Chair: Charles J. Colgan - Co-Chair: Walter A. Stosch

Clerk: Patty Lung, Wesley Bland
Date of Meeting: February 18, 2014
Time and Place: 9:00 a.m. - Senate Room B
Revised to add HB 876

H.B. 99

Patron: Lingamfelter

Unlawful dissemination or publication of tax information. Changes the unlawful dissemination or publication of tax information from a Class 2 to a Class 1 misdemeanor.

H.B. 121

Patron: Toscano

Disclosure of certain tax information. Requires the Department of Taxation to disclose the total aggregate amount of an income tax deduction or credit taken by all taxpayers, regardless of how few the number of taxpayers, upon request by the General Assembly or any duly constituted committee of the General Assembly. Under current practice the Department of Taxation does not disclose such information if fewer than four taxpayers took the deduction or credit.

H.B. 147

Patron: O'Bannon

Deferred compensation plan for Medicaid program independent contractors. Authorizes  the Director of the Department of Medical Assistance Services to provide payments or transfers to the Virginia Retirement System's deferred compensation plan for dentists or oral and maxillofacial surgeons who are independent contractors providing services for the Commonwealth's Medicaid program.

H.B. 156

Patron: Minchew

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.

H.B. 737

Patron: O'Bannon

Neighborhood Assistance tax credits; percentage increase. Increases the percentage of persons served by a neighborhood organization and who are low-income, as defined in § 58.1-439.18, from 40% to 50%, for purposes of applying to the Department of Social Services for an allocation of neighborhood assistance tax credits for use by business firms making donations to the neighborhood organization.

H.B. 869

Patron: Jones

Bonds; capital projects at institutions of higher learning. Authorizes the Treasury Board to issue bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in an amount up to $245,020,705 plus financing costs to finance revenue-producing capital projects at institutions of higher learning. The bill contains an emergency clause.

EMERGENCY

H.B. 876

Patron: Jones

Virginia Port Authority Board of Commissioners. Changes the composition of the Board of Commissioners of the Virginia Port Authority and provides for removal of Board members by the Governor for malfeasance, misfeasance, incompetence, or gross neglect of duty.

H.B. 960

Patron: Wilt

Sales and use tax; exemption for school supplies and clothing. Modifies the "back to school" sales tax exemption for certain items for three days in August by (i) decreasing the maximum sales price of each item of clothing and footwear eligible for the exemption from $100 to $65, and (ii) adding  computers with a sales price of $500 or less.

H.B. 1220

Patron: Comstock

Research and development expenses tax credit. Increases beginning with taxable year 2014 the amount of the credit allowed from 15 percent of the first $167,000 to 15 percent of the first $234,000 of Virginia qualified research and development expenses, and from 20 percent of the first $175,000 to 20 percent of the first $234,000 of Virginia qualified research and development expenses conducted in conjunction with a Virginia institution of higher education. The bill increases the maximum annual amount of tax credits that may be issued each fiscal year from $5 million to $6 million. The bill allows a pass-through entity to elect to receive and claim any credit at the pass-through entity level in lieu of the credit being allocated to the individual partners, members, or shareholders of the pass-through entity. Finally, the bill requires any taxpayer applying for the credit to provide information to the Department of Taxation relating to the number of full-time employees of the taxpayer; the taxpayer's industry sector; the area, discipline, or field of Virginia qualified research performed by the taxpayer; the taxpayer's total gross receipts for the relevant taxable year; and whether the qualified research was performed in conjunction with a Virginia institution of higher education. Further, regardless of how few taxpayers take the credit, the Department, upon request by the General Assembly or any duly constituted committee of the General Assembly, must disclose the total aggregate amount of credits under § 58.1-439.12:08 taken by all taxpayers.

H.B. 1239

Patron: Hugo

Real and personal property tax exemption; solar energy equipment, facilities, or devices. Exempts from real and personal property tax, business owned or operated solar energy equipment, facilities, or devices that  collect, generate, transfer, or store thermal or electric energy.