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2017 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: Patty Lung, Wesley Bland
Staff: Lisa Wallmeyerr
Date of Meeting: February 8, 2017
Time and Place: 9:00 a.m. - Senate Room B

H.B. 1518

Patron: Knight

Sales and use tax; automotive repair supplies. Requires that sales and use tax be collected on the separately stated charges of supplies used during the repair of automobiles, whether or not title or possession of the supplies passes to the customer. Under current law, the tax is paid on such supplies at the time the supplies are purchased by the automobile repairer.

H.B. 1665

Patron: Robinson

Motion picture production tax credit. Extends the sunset date of the motion picture production tax credit from January 1, 2019, to January 1, 2022.

H.B. 1814

Patron: Ware

Tax credits for worker retraining and telework expenses. Extends from taxable years prior to January 1, 2018, to taxable years prior to January 1, 2022, the sunset date for the worker retraining tax credit and from taxable years prior to January 1, 2017, to taxable years prior to January 1, 2022, the sunset date for the telework expenses tax credit.

H.B. 1950

Patron: Peace

Local cigarette tax. Requires localities that impose a local cigarette tax and require stamps as evidence of payment to provide a refund for any stamps that are returned to the locality.

H.B. 1961

Patron: Hugo

Local license tax; methodology for deducting certain gross receipts. Requires the Department of Taxation to promulgate regulations that clarify the appropriate methodology for determining deductible gross receipts attributable to business conducted in another state or a foreign country. The bill requires the regulations to be based on previous Rulings of the Tax Commissioner and the decision of the Supreme Court of Virginia in The Nielsen Company, LLC v. County Board of Arlington County, 289 Va. 79 (2015). In that decision, the Court endorsed the Tax Commissioner's ruling to require manual accounting but to allow payroll apportionment in the event that manual accounting is impossible to use in order to calculate the deduction.

H.B. 2058

Patron: Watts

Sales and use tax; nexus for out-of-state businesses. Provides that storage of inventory in the Commonwealth is sufficient nexus to require out-of-state businesses to collect sales and use tax on sales to customers in the Commonwealth.

H.B. 2105

Patron: Byron

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 (Fund), 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. The bill states that none  of its provisions shall be construed: (i) to diminish existing legal authority of treasurers related to the investment of public funds; or (ii) as an endorsement by the General Assembly of investment in the Fund.

H.B. 2193

Patron: Rush

Personal property tax; business property. Requires localities to permit taxpayers to provide an aggregate estimate of the total cost of all personal property used in a business that has an original cost of less than $500, in lieu of a specific, itemized list. Under current law, localities are permitted to allow taxpayers to provide such estimate of aggregate cost for property whose original cost is less than $250.

H.B. 2198

Patron: Kilgore

Coal tax credits. Limits the aggregate amount of credits that may be allocated or claimed for the coal employment and production incentive tax credit to $7.3 million in each fiscal year. An electricity generator must file an application with the Department of Taxation each year to determine the amount of credits that it may claim or allocate, including credits earned in prior taxable years. If the total amount of approved applications for tax credits for the fiscal year exceeds $7.3 million, the Department of Taxation shall apportion the credits on a pro rata basis. The bill extends from July 1, 2016, to January 1, 2022, the date by which coal employment and production incentive tax credits must be earned in order to be allocated to persons with an economic interest in coal. The bill also extends from taxable year 2017 to taxable year 2022 the sunset date of the coalfield employment enhancement tax credit.

H.B. 2246

Patron: Jones

Virginia Tax Amnesty Program. Establishes the Virginia Tax Amnesty Program to be administered by the Department of Taxation (the Department) during the 2017-2018 fiscal year for not less than 60 nor more than 75 days, as determined by the Tax Commissioner. The Program will be open to any taxpayer that is required but has failed to file a return or to pay any tax administered by the Department. All civil or criminal penalties assessed or assessable and one-half of the interest assessed or assessable, resulting from nonpayment, underpayment, nonreporting, or underreporting of tax liabilities will be waived upon payment of the taxes and interest. For purposes of implementing the Program, the Department is exempt from the project management and procurement oversight of the Virginia Information Technologies Agency.

H.B. 2460

Patron: Bloxom

Historic rehabilitation tax credit. Limits the amount of historic rehabilitation tax credits that may be claimed by each taxpayer to $5 million per year, including any amounts carried over from prior taxable years. The limit is in effect for taxable years beginning on and after January 1, 2017.