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2016 SESSION

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SB 506 Small businesses; waiver of penalties related to taxes.

Introduced by: Glen H. Sturtevant, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Waiver of tax penalties for small businesses. Waives any tax penalties related to taxes administered by the Department of Taxation for a small business during its first two years of operation as long as the business enters into an installment agreement with the Tax Commissioner for the payment of taxes. A small business is defined as an independently owned or operated business organized under Virginia law or with a principal place of business in Virginia and that has fewer than 10 employees.


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