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2015 SESSION
HB 2162 Income tax, corporate; taxable income of taxpayers with enterprise data center operations.
Introduced by: Timothy D. Hugo | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (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 SB 1142.
FULL TEXT
- 01/14/15 House: Prefiled and ordered printed; offered 01/14/15 15102105D pdf | impact statement
- 02/04/15 House: Committee substitute printed 15104761D-H1 pdf | impact statement
- 02/23/15 House: Bill text as passed House and Senate (HB2162ER) pdf | impact statement
- 03/17/15 Governor: Acts of Assembly Chapter text (CHAP0237) pdf
HISTORY
- 01/14/15 House: Prefiled and ordered printed; offered 01/14/15 15102105D
- 01/14/15 House: Referred to Committee on Finance
- 01/27/15 House: Assigned Finance sub: Subcommittee #3
- 01/30/15 House: Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
- 02/04/15 House: Reported from Finance with substitute (18-Y 0-N)
- 02/04/15 House: Committee substitute printed 15104761D-H1
- 02/06/15 House: Read first time
- 02/09/15 House: Read second time
- 02/09/15 House: Committee substitute agreed to 15104761D-H1
- 02/09/15 House: Engrossed by House - committee substitute HB2162H1
- 02/10/15 House: Read third time and passed House (98-Y 0-N 2-A)
- 02/10/15 House: VOTE: PASSAGE (98-Y 0-N 2-A)
- 02/11/15 Senate: Constitutional reading dispensed
- 02/11/15 Senate: Referred to Committee on Finance
- 02/17/15 Senate: Reported from Finance (13-Y 0-N)
- 02/18/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/18/15 Senate: Read third time
- 02/18/15 Senate: Passed Senate (37-Y 0-N)
- 02/23/15 House: Enrolled
- 02/23/15 House: Bill text as passed House and Senate (HB2162ER)
- 02/23/15 House: Signed by Speaker
- 02/24/15 Senate: Signed by President
- 02/25/15 House: Enrolled Bill communicated to Governor on 2/25/15
- 02/25/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/17/15 Governor: Approved by Governor-Chapter 237 (effective - 7/1/15 see bill)
- 03/17/15 Governor: Acts of Assembly Chapter text (CHAP0237)