VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2015 SESSION

• | print version

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 | history

SUMMARY AS PASSED SENATE:

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.

SUMMARY AS INTRODUCED:

Corporate income tax; rate of taxation. 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 $5,000,000 of the corporation's profits each year shall be exempt from the corporate income tax for the first five years of operation of such business or facility.