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2015 SESSION
SB 1142 Income tax, corporate; taxable income of taxpayers with enterprise data center operations.
Introduced by: Ryan T. McDougle | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Apportionment of corporate income tax; taxpayers with enterprise data center operations. Requires taxpayers with certain enterprise data center operations to use a formula for apportioning taxable income to the Commonwealth based on multiplying their incomes by the sales factor. The apportionment formula would apply only to taxpayers that have entered into a memorandum of understanding with the Virginia Economic Development Partnership Authority to make a new capital investment of at least $150 million in an enterprise data center on or after July 1, 2015, and such taxpayer would begin using the formula in the taxable year that the Virginia Economic Development Partnership Authority certifies that the investment has been completed. The provisions of the bill would be effective for taxable years beginning July 1, 2016, and would be phased in with the apportionment formula having a 100 percent sales factor by July 1, 2017. This bill is identical to HB 2162.
FULL TEXT
- 01/13/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102488D pdf | impact statement
- 02/03/15 Senate: Committee substitute printed 15104218D-S1 pdf | impact statement
- 02/17/15 Senate: Bill text as passed Senate and House (SB1142ER) pdf | impact statement
- 03/10/15 Governor: Acts of Assembly Chapter text (CHAP0092) pdf
HISTORY
- 01/13/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102488D
- 01/13/15 Senate: Referred to Committee on Finance
- 02/03/15 Senate: Committee substitute printed 15104218D-S1
- 02/03/15 Senate: Reported from Finance with substitute (14-Y 0-N)
- 02/04/15 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/05/15 Senate: Read second time
- 02/05/15 Senate: Reading of substitute waived
- 02/05/15 Senate: Committee substitute agreed to 15104218D-S1
- 02/05/15 Senate: Engrossed by Senate - committee substitute SB1142S1
- 02/05/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/05/15 Senate: Passed Senate (37-Y 0-N)
- 02/09/15 House: Placed on Calendar
- 02/09/15 House: Read first time
- 02/09/15 House: Referred to Committee on Finance
- 02/11/15 House: Reported from Finance (21-Y 0-N)
- 02/12/15 House: Read second time
- 02/13/15 House: Read third time
- 02/13/15 House: Passed House (94-Y 0-N 2-A)
- 02/13/15 House: VOTE: PASSAGE (94-Y 0-N 2-A)
- 02/17/15 Senate: Enrolled
- 02/17/15 Senate: Bill text as passed Senate and House (SB1142ER)
- 02/17/15 House: Signed by Speaker
- 02/20/15 Senate: Signed by President
- 02/23/15 Senate: Enrolled Bill Communicated to Governor on 2/23/15
- 02/23/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/10/15 Governor: Approved by Governor-Chapter 92 (effective - see bill)
- 03/10/15 Governor: Acts of Assembly Chapter text (CHAP0092)