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2015 SESSION

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SB 1447 Income tax, corporate; subtraction for certain qualifying facility or business operations.

Introduced by: Ryan T. McDougle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Corporate income tax subtraction. Provides that if a previously inverted corporation makes a capital investment of at least $5 million to open a facility or business operation in the Commonwealth, then the first $5 million of the corporation's profits each year may be subtracted from the corporation's adjusted gross income for income tax purposes for the first five years of operation of such business or facility.

FULL TEXT

• 01/23/15  Senate: Presented and ordered printed 15103291D  pdf | impact statement
• 02/04/15  Senate: Committee substitute printed 15104637D-S1  pdf | impact statement

HISTORY

• 01/23/15  Senate: Presented and ordered printed 15103291D
• 01/23/15  Senate: Referred to Committee on Finance
• 02/04/15  Senate: Reported from Finance with substitute (10-Y 3-N)
• 02/04/15  Senate: Committee substitute printed 15104637D-S1
• 02/05/15  Senate: Constitutional reading dispensed (38-Y 0-N)
• 02/06/15  Senate: Read second time
• 02/06/15  Senate: Reading of substitute waived
• 02/06/15  Senate: Committee substitute agreed to 15104637D-S1
• 02/06/15  Senate: Engrossed by Senate - committee substitute SB1447S1
• 02/09/15  Senate: Read third time and passed Senate (25-Y 13-N)
• 02/11/15  House: Placed on Calendar
• 02/11/15  House: Read first time
• 02/11/15  House: Referred to Committee on Finance
• 02/12/15  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