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2017 SESSION
HB 2074 Income tax, state and corporate; subtraction for Virginia venture capital account investment.
Introduced by: Nick Rush | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Income tax; subtraction for Virginia venture capital account investment. Establishes an individual and corporate income tax subtraction for income derived from an investment in a Virginia venture capital account, defined in the bill as an investment fund that is certified by the Department of Taxation as investing at least 50 percent of its investments in qualified portfolio companies and employing at least one investor with at least four years' experience in venture capital investment or substantially equivalent experience. The bill defines "qualified portfolio company" as a company that has its principal place of business in the Commonwealth and that has a primary purpose of production, sale, research, or development of a product or service and provides equity in exchange for the investment. An income tax subtraction would be available only for an investment made on or after January 1, 2018, but before December 31, 2023.
FULL TEXT
- 01/10/17 House: Prefiled and ordered printed; offered 01/11/17 17101753D pdf | impact statement
- 02/06/17 House: Printed as engrossed 17101753D-E pdf | impact statement
- 02/15/17 Senate: Committee substitute printed 17105512D-S1 pdf
- 02/24/17 House: Conference substitute printed 17105744D-H1 pdf | impact statement
- 03/07/17 House: Bill text as passed House and Senate (HB2074ER) pdf
- 03/24/17 Governor: Acts of Assembly Chapter text (CHAP0762) pdf
AMENDMENTS
HISTORY
- 01/10/17 House: Prefiled and ordered printed; offered 01/11/17 17101753D
- 01/10/17 House: Referred to Committee on Finance
- 01/19/17 House: Assigned Finance sub: Subcommittee #2
- 01/25/17 House: Subcommittee recommends reporting (11-Y 0-N)
- 02/01/17 House: Reported from Finance with amendments (22-Y 0-N)
- 02/03/17 House: Read first time
- 02/06/17 House: Read second time
- 02/06/17 House: Committee amendments agreed to
- 02/06/17 House: Engrossed by House as amended HB2074E
- 02/06/17 House: Printed as engrossed 17101753D-E
- 02/07/17 House: Read third time and passed House BLOCK VOTE (97-Y 0-N)
- 02/07/17 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 02/08/17 Senate: Constitutional reading dispensed
- 02/08/17 Senate: Referred to Committee on Finance
- 02/15/17 Senate: Reported from Finance with substitute (16-Y 0-N)
- 02/15/17 Senate: Committee substitute printed 17105512D-S1
- 02/16/17 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/17/17 Senate: Read third time
- 02/17/17 Senate: Reading of substitute waived
- 02/17/17 Senate: Committee substitute agreed to 17105512D-S1
- 02/17/17 Senate: Engrossed by Senate - committee substitute HB2074S1
- 02/17/17 Senate: Passed Senate with substitute (40-Y 0-N)
- 02/21/17 House: Placed on Calendar
- 02/21/17 House: Senate substitute rejected by House 17105512D-S1 (1-Y 96-N)
- 02/21/17 House: VOTE: REJECTED (1-Y 96-N)
- 02/22/17 Senate: Senate insisted on substitute (40-Y 0-N)
- 02/22/17 Senate: Senate requested conference committee
- 02/23/17 House: House acceded to request
- 02/23/17 House: Conferees appointed by House
- 02/23/17 House: Delegates: Rush, Ware, Kory
- 02/23/17 Senate: Conferees appointed by Senate
- 02/23/17 Senate: Senators: Ruff, Stuart, Dance
- 02/24/17 House: Conference substitute printed 17105744D-H1
- 02/24/17 Senate: Conference report agreed to by Senate (40-Y 0-N)
- 02/24/17 House: Conference report agreed to by House (93-Y 0-N)
- 02/24/17 House: VOTE: ADOPTION (93-Y 0-N)
- 03/07/17 House: Enrolled
- 03/07/17 House: Bill text as passed House and Senate (HB2074ER)
- 03/07/17 House: Signed by Speaker
- 03/10/17 Senate: Signed by President
- 03/13/17 House: Enrolled Bill communicated to Governor on 3/13/17
- 03/13/17 Governor: Governor's Action Deadline Midnight, March 27, 2017
- 03/24/17 Governor: Approved by Governor-Chapter 762 (effective 7/1/17)
- 03/24/17 Governor: Acts of Assembly Chapter text (CHAP0762)