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1998 SESSION
HB 80 Insurance companies; retaliatory tax credit.
Introduced by: C. Richard Cranwell | all patrons ... notes | add to my profiles
SUMMARY:
Retaliatory tax credit. Provides certain insurance companies headquartered in Virginia with a credit against their Virginia gross premium tax liability in an amount equal to the retaliatory costs incurred. To be eligible for the tax credit, a company must (i) by December 31, 1997, increase the number of permanent full-time employees by at least 325 above the number on December 31, 1996, or (ii) have more than 100 permanent full-time employees in any taxable year beginning on or after January 1, 2001. Members of an affiliated insurance group will be counted as one company for purposes of determining the amount of expenditures and number of employees. Excess credits of up to $800,000 in any year are refundable. Unused credits may be carried forward for five years.
FULL TEXT
- 01/14/98 House: Presented & ordered printed, prefiled 01/12/98 987283176 pdf
- 02/17/98 House: Committee substitute printed 989657176-H1 pdf
- 03/17/98 House: Bill text as passed House and Senate (HB80ER) pdf
- 04/16/98 Governor: Acts of Assembly Chapter text (CHAP0365) pdf
AMENDMENTS
HISTORY
- 01/14/98 House: Presented & ordered printed, prefiled 01/12/98 987283176
- 01/14/98 House: Referred to Committee on Finance
- 01/22/98 House: Assigned to Finance sub-committee: 2
- 02/17/98 House: Reported from Finance with sub. (24-Y 0-N)
- 02/17/98 House: Committee substitute printed 989657176-H1
- 02/18/98 House: Read first time
- 02/19/98 House: Read second time
- 02/19/98 House: Committee substitute agreed to 989657176-H1
- 02/19/98 House: Engrossed by House - com. sub. 989657176-H1
- 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: Reported from Finance (16-Y 0-N)
- 03/04/98 Senate: Constitutional reading dispensed (39-Y 0-N)
- 03/04/98 Senate: VOTE: (39-Y 0-N)
- 03/04/98 Senate: Read third time
- 03/04/98 Senate: Reading of amendment waived
- 03/04/98 Senate: Amendment by Sen. Stosch agreed to
- 03/04/98 Senate: Engrossed by Senate as amended
- 03/04/98 Senate: Passed Senate with amendment (38-Y 0-N 1-A)
- 03/04/98 Senate: VOTE: PASSAGE R (38-Y 0-N 1-A)
- 03/04/98 House: Placed on Calendar
- 03/04/98 House: Senate amendment agreed to by House (91-Y 0-N)
- 03/04/98 House: VOTE: ADOPTION (91-Y 0-N)
- 03/17/98 House: Bill text as passed House and Senate (HB80ER)
- 03/23/98 House: Enrolled
- 03/23/98 House: Signed by Speaker
- 03/25/98 Senate: Signed by President
- 04/11/98 Governor: Approved by Governor-Chapter 365 (effective 7/1/98)
- 04/16/98 Governor: Acts of Assembly Chapter text (CHAP0365)