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1998 SESSION
HB 1359 Qualified equity and subordinated debt investments tax credit.
Introduced by: James M. Scott | all patrons ... notes | add to my profiles
SUMMARY:
Qualified equity and subordinated debt investments tax credit. Provides a tax credit, beginning January 1, 1999, in an amount equal to 50 percent of the taxpayer's cash investments in the form of equity or subordinated debt in certain qualified businesses. A qualified business must have annual gross revenues of no more than $5 million, be domiciled in the Commonwealth, be engaged in business primarily or do substantially all of its production in the Commonwealth and not be engaged in certain types of businesses, including banking, credit or finance, accounting, insurance, construction, and business consulting. The credit shall not exceed the lesser of the tax imposed on the taxpayer for the taxable year in which the credit is sought or $50,000. Any unused credit may be carried over for 15 years. Total credits available for any calendar year shall be $5 million. If such investments are not held for at least five years, the taxpayer must forfeit used and unused credits, plus penalty, to the Department of Taxation.
FULL TEXT
- 01/26/98 House: Presented & ordered printed 985983443 pdf
- 02/19/98 House: Printed as engrossed 985983443-E pdf
- 03/20/98 House: Bill text as passed House and Senate (HB1359ER) pdf
- 04/22/98 Governor: Acts of Assembly Chapter text (CHAP0491) pdf
AMENDMENTS
HISTORY
- 01/26/98 House: Presented & ordered printed 985983443
- 01/26/98 House: Referred to Committee on Finance
- 01/29/98 House: Assigned to Finance sub-committee: 2
- 02/17/98 House: Reported from Finance with amds. (24-Y 0-N)
- 02/18/98 House: Read first time
- 02/19/98 House: Read second time
- 02/19/98 House: Committee amendments agreed to
- 02/19/98 House: Engrossed by House as amended
- 02/19/98 House: Printed as engrossed 985983443-E
- 02/20/98 House: Read third time and passed House (Block Vote) (97-Y 0-N)
- 02/20/98 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 02/20/98 House: Communicated to Senate
- 02/23/98 Senate: Constitutional reading dispensed
- 02/23/98 Senate: Referred to Committee on Finance
- 03/03/98 Senate: Continued to 1999 in Finance by voice vote
- 03/04/98 Senate: Reconsidered by Finance
- 03/04/98 Senate: Reported from Finance (17-Y 0-N)
- 03/05/98 Senate: Const. reading disp., passed by for the day (40-Y 0-N)
- 03/05/98 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 03/06/98 Senate: Passed by for the day
- 03/09/98 Senate: Read third time
- 03/09/98 Senate: Passed Senate (40-Y 0-N)
- 03/09/98 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 03/20/98 House: Bill text as passed House and Senate (HB1359ER)
- 03/25/98 House: Enrolled
- 03/25/98 House: Signed by Speaker
- 03/26/98 Senate: Signed by President
- 04/14/98 Governor: Approved by Governor-Chapter 491 (effective 7/1/98)
- 04/22/98 Governor: Acts of Assembly Chapter text (CHAP0491)