SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
965622296WHEREAS, the Commonwealth taxes insurance companies on the basis of their gross receipts from insurance premiums; and
WHEREAS, gross receipts taxes have been criticized by some as being an unfair basis of taxation because it is unrelated to profitability; and
WHEREAS, insurance companies are not taxed on some segments of their business because it does not generate insurance premiums; and
WHEREAS, insurance companies are one of the last sectors of the economy which the Commonwealth still taxes on the basis of gross receipts; and
WHEREAS, insurance companies include a spectrum of different types of companies, including property, casualty, life, accident, and automobile insurance; and
WHEREAS, the insurance area is a growth area which is seeing new products marketed to consumers and businesses; and
WHEREAS, Virginia's taxation of insurance companies has only been studied once since 1914; and
WHEREAS, Virginia possesses a golden opportunity to attract insurance companies to expand or locate in Virginia if our state tax structure is competitive with other states; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That a seven-member joint subcommittee be created to study the taxation of insurance companies to ensure that it is competitive with other states and equitable. The joint subcommittee will be composed as follows: four shall be members of the House of Delegates, be appointed by the Speaker of the House, and three shall be members of the Senate, to be appointed by the Senate Committee on Privileges and Elections.
The direct costs of this study shall not exceed $ 4,200.
The Division of Legislative Services shall provide staff support for the study. All agencies of the Commonwealth shall provide assistance to the subcommittee, upon request.
The joint subcommittee shall complete its work in time to submit its findings and recommendations to the Governor and the 1997 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for processing legislative documents.
Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may withhold expenditures or delay the period for the conduct of the study.