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2015 SESSION
HB 1741 Income tax, state; subtraction for long-term capital gains, extends investment period.
Introduced by: Timothy D. Hugo | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Income tax subtraction for long-term capital gains; extends investment period. Extends from June 30, 2015, to June 30, 2020, the date by which investments in certain technology businesses must be made in order to claim an income tax subtraction for any long-term capital gain or investment services partnership interest income from such investments. Currently, a taxpayer investing in a technology business between April 1, 2010, and June 30, 2015, may claim an income tax subtraction for any long-term capital gain or investment services partnership interest income attributable to such investment if the business has its principal office or facility in the Commonwealth and had less than $3 million in annual revenues in the fiscal year prior to the investment. Under the bill, the Department of Taxation is required to record and, upon request, report the fiscal savings accruing to individuals and corporations claiming the subtraction. This bill is identical to SB 904.
FULL TEXT
- 01/12/15 House: Prefiled and ordered printed; offered 01/14/15 15101049D pdf | impact statement
- 01/28/15 House: Printed as engrossed 15101049D-E pdf | impact statement
- 02/18/15 House: Bill text as passed House and Senate (HB1741ER) pdf | impact statement
- 03/19/15 Governor: Acts of Assembly Chapter text (CHAP0336) pdf
AMENDMENTS
HISTORY
- 01/12/15 House: Prefiled and ordered printed; offered 01/14/15 15101049D
- 01/12/15 House: Referred to Committee on Finance
- 01/20/15 House: Assigned Finance sub: Subcommittee #2
- 01/21/15 House: Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
- 01/26/15 House: Reported from Finance with amendments (22-Y 0-N)
- 01/27/15 House: Read first time
- 01/28/15 House: Read second time
- 01/28/15 House: Committee amendments agreed to
- 01/28/15 House: Engrossed by House as amended HB1741E
- 01/28/15 House: Printed as engrossed 15101049D-E
- 01/29/15 House: Read third time and passed House BLOCK VOTE (97-Y 0-N)
- 01/29/15 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 01/29/15 House: Reconsideration of passage agreed to by House
- 01/29/15 House: Passed House BLOCK VOTE (98-Y 0-N)
- 01/29/15 House: VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N)
- 01/30/15 Senate: Constitutional reading dispensed
- 01/30/15 Senate: Referred to Committee on Finance
- 02/11/15 Senate: Reported from Finance (12-Y 0-N)
- 02/12/15 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/13/15 Senate: Read third time
- 02/13/15 Senate: Passed Senate (36-Y 0-N)
- 02/18/15 House: Enrolled
- 02/18/15 House: Bill text as passed House and Senate (HB1741ER)
- 02/18/15 House: Signed by Speaker
- 02/20/15 Senate: Signed by President
- 02/23/15 House: Enrolled Bill communicated to Governor on 2/23/15
- 02/23/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/19/15 Governor: Approved by Governor-Chapter 336 (effective 7/1/15)
- 03/19/15 Governor: Acts of Assembly Chapter text (CHAP0336)