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2018 SESSION
HB 798 Income tax, state; apportionment of sales for debt buyers.
Introduced by: Glenn R. Davis | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax; apportionment of sales for debt buyers. Requires debt buyers, defined in the bill, to apportion their income from the collection of debt to Virginia based on a single sales factor starting with taxable year 2019. Generally, under current law, a taxpayer apportions its income to Virginia based on the ratio of its property, payroll, and sales in Virginia to the same factors in all other states.
Current law requires multistate businesses to apportion income from sales, other than sales of tangible personal property, to Virginia if the income-producing activity is performed only in Virginia or a greater proportion of the income-producing activity is performed in Virginia than in any other state.
The bill provides that all income recovered on debt from a person or entity residing in the Commonwealth shall be apportioned to the Commonwealth for income tax purposes.
FULL TEXT
- 01/09/18 House: Prefiled and ordered printed; offered 01/10/18 18102177D pdf | impact statement
- 03/01/18 House: Bill text as passed House and Senate (HB798ER) pdf | impact statement
- 04/09/18 Governor: Acts of Assembly Chapter text (CHAP0807) pdf
HISTORY
- 01/09/18 House: Prefiled and ordered printed; offered 01/10/18 18102177D
- 01/09/18 House: Referred to Committee on Finance
- 01/30/18 House: Assigned Finance sub: Subcommittee #2
- 01/31/18 House: Subcommittee recommends reporting (8-Y 0-N)
- 02/07/18 House: Reported from Finance (21-Y 0-N)
- 02/09/18 House: Read first time
- 02/12/18 House: Read second time and engrossed
- 02/13/18 House: Read third time and passed House (95-Y 5-N)
- 02/13/18 House: VOTE: PASSAGE (95-Y 5-N)
- 02/14/18 Senate: Constitutional reading dispensed
- 02/14/18 Senate: Referred to Committee on Finance
- 02/27/18 Senate: Reported from Finance (16-Y 0-N)
- 02/28/18 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/28/18 Senate: Read third time
- 02/28/18 Senate: Passed Senate (40-Y 0-N)
- 03/01/18 House: Enrolled
- 03/01/18 House: Bill text as passed House and Senate (HB798ER)
- 03/01/18 House: Signed by Speaker
- 03/03/18 Senate: Signed by President
- 03/07/18 House: Enrolled Bill communicated to Governor on March 7, 2018
- 03/07/18 Governor: Governor's Action Deadline Midnight, April 9, 2018
- 04/09/18 Governor: Approved by Governor-Chapter 807 (effective 7/1/18)
- 04/09/18 Governor: Acts of Assembly Chapter text (CHAP0807)