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ACROSS SESSIONS
- Subject Index: Since 1995
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2017 SESSION
Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.
Clerk: Patty Lung, Wesley Bland
Staff: Lisa Wallmeyerr
Date of Meeting: January 24, 2017
Time and Place: 9:00 a.m. - Senate Room B
Patron: Sturtevant
Individual income tax; rate of taxation. Lowers the rate of taxation for each income bracket by one-quarter percent each year for four years beginning in taxable year 2018. For taxable years beginning on and after January 1, 2021, income will be taxed as follows: (i) one percent on income not exceeding $3,000, (ii) two percent on income in excess of $3,000 but not in excess of $5,000, (iii) four percent on income in excess of $5,000 but not in excess of $17,000, and (iv) 4.75 percent on income in excess of $17,000.
Patron: Sturtevant
Corporate income tax; rate of taxation. Lowers the corporate income tax rate from six percent to 5.5 percent for taxable years beginning on or after January 1, 2018.
Patron: Sturtevant
Waiver of tax penalties for small businesses. Waives any 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.
Patron: Stanley
Virginia adjusted gross income; sale of certain crops to craft breweries. Provides an income tax subtraction, for purposes of computing Virginia adjusted gross income, for the income attributable to the sale of crops grown by a farmer to a brewery licensed in Virginia.
Patron: Sturtevant
Submission of executive budget; zero-based budgeting. Requires, beginning in the 2018-2020 biennium, that "The Executive Budget" and all "Executive Budgets" shall be prepared and formulated using zero-based budgeting principles. The bill requires that such zero-based budgets reflect the amount of funding deemed necessary to achieve the most cost-effective performance of each agency or department pursuant to an accompanying narrative delineating the tasks to be performed by each agency or department, toether with the goals and objectives for each agency or department. Each such budget shall have a zero dollar amount as its initial basis and shall not reflect any prior appropriation amount, adjusted or otherwise.
Patron: Stanley
Interstate 73 Corridor Development Fund and Program. Reallocates and transfers the U.S. Route 58 Corridor Development Fund and Program to the Interstate 73 Corridor Development Fund effective either July 1, 2020, or upon completion of all parts of the U.S. Route 58 Corridor Development Program, whichever occurs sooner. Currently, $40 million is allocated annually to the Route 58 project.
Patron: Sturtevant
Governor; efficiency and effectiveness review and assessment of state departments, agencies, and programs; schedule; scope of review; report. Directs the Governor to establish an ongoing operational and programmatic efficiency and effectiveness review and assessment of all state departments, agencies, and programs to coincide with alternating biennial state budget cycles. The bill schedules one-half of all state departments, agencies, and programs to be reviewed in each biennial budget cycle. The purpose of the review and assessment is to provide an objective and independent cost savings assessment of the Commonwealth's organizational structure and its programs in order to provide information to the Governor and the General Assembly to effect savings in expenditures, a reduction in duplication of effort, and programmatic efficiencies in the operation of state government. The bill requires that the review and assessment be conducted by a United States-based private management consulting firm with experience in conducting statewide performance reviews and provides for certain required terms for the consulting contract. The bill requires the Governor to submit a report to the General Assembly on the results of each review and assessment by December 1 of the year in which such review is conducted.
Patron: Chase
Corporate income tax; rate of taxation. Lowers the corporate income tax rate from six percent to 2.5 percent, effective January 1, 2017.
Patron: Chase
License taxes; Virginia taxable income. Provides that if a locality imposes a license tax upon a business, the tax shall be based upon the Virginia taxable income of the business. Current law allows a locality to impose the tax upon gross receipts or Virginia taxable income.
Patron: Chase
Virginia taxable income; deduction for small business owners. Creates an income tax deduction for taxable years beginning on and after January 1, 2017, for income attributable to the ownership and operation of a small business. For purposes of the deduction, a small business is defined as a business that has its primary place of business in the Commonwealth, generates less than $100,000 of taxable income in the taxable year, and has fewer than 50 employees. A small business owner would only be eligible to take the deduction for the first five years that the business is in operation.
Patron: Ruff
Recordation tax; exemption. Exempts from recordation tax deeds of trust given by utility consumer services cooperatives.
Patron: Chafin
Gas severance tax. Extends the sunset date from January 1, 2018, to January 1, 2020, for the local gas severance tax that is dedicated to (i) the local Coal and Gas Road Improvement Fund, (ii) the Virginia Coalfield Economic Development Fund, and (iii) water, sewer, and natural gas systems and lines.
Patron: Locke
County food and beverage tax. Increases from four percent to eight percent the maximum tax that any county is authorized to impose on food and beverages sold by a restaurant, commonly referred to as the meals tax. The bill also removes the requirement that a county hold a referendum before imposing a meals tax.
Patron: Wexton
Dam Safety, Flood Prevention and Protection Assistance Fund. Authorizes the Director of the Department of Conservation and Recreation to disburse moneys from the Fund in the form of grants to common interest communities that own dams in order to protect public safety and welfare. The grants can be used for the design, repair, and the safety modifications of dams identified in safety reports.
Patron: Dance
Taxation of all-terrain vehicles, mopeds, and off-road motorcycles. Provides that all-terrain vehicles, mopeds, and off-road vehicles shall be subject to the motor vehicle sales and use tax but exempt from the retail sales and use tax. Current law provides that such vehicles are subject to the retail sales and use tax but exempt from the motor vehicle sales and use tax.
Patron: Lewis
Tangible personal property; commercial fishing vessels. Classifies commercial fishing vessels as a separate class of property for the purpose of local personal property tax.
Patron: Stuart
Real property tax; deferral; Stafford County. Allows Stafford County, by ordinance, to restrict the deferral of real property taxes authorized under current law to a taxpayer's sole dwelling whose assessed value has increased by at least five percent over the prior year due to improvements made to adjacent property by Stafford County. The bill applies to real property whose eligibility for deferral of taxes occurred on or after January 1, 2016.
Patron: Ebbin
Localities; public hearings for tax rate increases. Authorizes localities to hold hearings on tax rate increases at the same time as the annual budget hearing. Current law requires a hearing on a tax rate increase to occur at a separate proceeding.
Patron: McDougle
Local license taxes; exemption for certain defense production businesses. Clarifies that the exemption for wholesale manufacturers from local license taxes includes a defense production business selling manufacturing, rebuilding, repair, and maintenance services to the United States or for which consent of the United States is required.
Patron: Vogel
County food and beverage tax; referendum. Prohibits a county from holding a new referendum on the levy of a food and beverage tax in the three calendar years subsequent to the electoral defeat of such a referendum. The bill also requires the ballot for any such referendum to state the total tax, as a percentage, that would be imposed on food and beverage if the referendum were to pass, based upon a four percent food and beverage tax and any other ad valorem taxes applicable to the purchase of prepared food and beverage in the county.
Patron: Carrico
Admissions tax; Washington County. Authorizes Washington County to impose a tax on admissions to a multi-sports complex and entertainment venue that (i) is located on land that contains at least 250 acres and (ii) is in business on or before June 30, 2027. The tax shall not exceed 10 percent of the amount of charge for admission to any such venue. The bill expires on July 1, 2027, if no such venue is in business on or before June 30, 2027.
Patron: Carrico
Local cigarette taxes. Allows all localities to impose a cigarette tax by removing the requirement that only those localities that had such authority prior to 1977 are eligible. The bill sets a maximum rate on the cigarette tax imposed by counties of five cents per pack or the amount levied under state law, whichever is greater.
Patron: Norment
Bonds for institutions of higher education. Authorizes issuance of bonds in an amount up to $13,637,000 for revenue-producing capital projects at institutions of higher education. The bill has an emergency clause.
EMERGENCY
Patron: Norment
Prior authorization of bonds to fund certain revenue-producing capital projects at institutions of higher learning; Virginia State University. Expands the scope of a revenue-producing capital project at Virginia State University funded by a prior bond authorization. The bill has an emergency clause.
EMERGENCY
Patrons: Howell, Norment
Purchase of cigarettes for resale; penalties. Creates a new requirement that purchasers of cigarettes for resale must apply for a special cigarette exemption certificate from the Department of Taxation in order to not be liable for the payment of sales tax at the time of purchase. The bill sets forth numerous requirements that a taxpayer must meet in order to qualify for a cigarette exemption certificate and establishes processes and procedures for the application, renewal, denial, and revocation of the certificates. The bill creates new recordkeeping requirements for the sale or distribution of more than 50 cartons of cigarettes, or with a value greater than $10,000. The bill also makes technical changes. The provisions of the bill requiring the use of a cigarette exemption certificate have a delayed effective date of January 1, 2018.
Patron: Newman
Investment of Public Funds Act; investment of funds in the Virginia Investment Pool Trust Fund. Authorizes public officers, municipal corporations, and other political subdivisions to invest any or all of the moneys belonging to them or within their control, other than sinking funds, in the Virginia Investment Pool Trust Fund administered by the Virginia Local Government Finance Corporation, provided that such investments comply with the requirements of the Investment of Public Funds Act (§ 2.2-4500 et seq.) applicable to municipal corporations and other political subdivisions.
Patron: Edwards
Discharge of treasurer; legal pleadings. Provides that the attorney for a locality shall prepare and file any pleadings necessary in a proceeding to discharge the treasurer. If the locality does not have an attorney, or the attorney is unable to perform this task, the circuit court shall assign legal counsel. The cost of such counsel shall be paid for in the same manner as counsel hired to defend a constitutional officer who is a defendant in a civil case.
Patron: Ruff
Virginia Tobacco Region Revolving Fund; definition of project. Revises the definition of "project" under the Virginia Tobacco Region Revolving Fund to mean any proposal recommended for loan evaluation and disbursement by the Virginia Tobacco Region Revitalization Commission, subject to such conditions and policies as agreed to by both the Virginia Tobacco Region Revitalization Commission and the Virginia Resources Authority.