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2015 SESSION

• | print version

SB 1364 Income tax, corporate; apportionment of income for manufacturers, exemptions.

Introduced by: Kenneth C. Alexander | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Corporate income tax; apportionment of income for manufacturers; defense manufacturers. Exempts defense manufacturers that elect to use single sales factor apportionment for purposes of determining corporate income tax liability in the Commonwealth from the requirement that they maintain certain levels of employment and wages of their full-time employees. The exemption would be applicable for taxable years beginning on and after January 1, 2016, but before January 1, 2021. The Department of Taxation is directed to report no later than January 1, 2016, regarding the application of the existing single sales factor apportionment and an estimate of the fiscal impact that this bill would have if it were in effect for taxable year 2015. The bill has a reenactment clause.

FULL TEXT

• 01/20/15  Senate: Presented and ordered printed 15103436D  pdf | impact statement
• 01/30/15  Senate: Printed as engrossed 15103436D-E  pdf | impact statement

AMENDMENTS

• Senate amendments

HISTORY

• 01/20/15  Senate: Presented and ordered printed 15103436D
• 01/20/15  Senate: Referred to Committee on Finance
• 01/28/15  Senate: Reported from Finance with amendments (14-Y 0-N)
• 01/29/15  Senate: Constitutional reading dispensed (39-Y 0-N)
• 01/30/15  Senate: Read second time
• 01/30/15  Senate: Reading of amendments waived
• 01/30/15  Senate: Committee amendments agreed to
• 01/30/15  Senate: Engrossed by Senate as amended SB1364E
• 01/30/15  Senate: Printed as engrossed 15103436D-E
• 02/02/15  Senate: Read third time and passed Senate (37-Y 0-N)
• 02/02/15  Senate: Reconsideration of passage agreed to by Senate (37-Y 0-N)
• 02/02/15  Senate: Passed Senate (38-Y 0-N)
• 02/06/15  House: Placed on Calendar
• 02/06/15  House: Read first time
• 02/06/15  House: Referred to Committee on Finance
• 02/10/15  House: Assigned Finance sub: Subcommittee #3
• 02/13/15  House: Subcommittee recommends laying on the table by voice vote
• 02/24/15  House: Left in Finance