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2012 SESSION

• | print version

SB 49 Income tax, corporate; requires retail companies to use single-sales factor apportionment formula.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Apportionment of corporate income tax; retail companies.  Requires retail companies to use a formula for apportioning taxable income to the Commonwealth based on multiplying their income by the sales factor. The provisions of the bill would be effective for tax years beginning on or after July 1, 2012, and would be phased in with the apportionment formula having a 100 percent sales factor by 2015. This bill is identical to HB 154.

FULL TEXT

• 01/04/12  Senate: Prefiled and ordered printed; offered 01/11/12 12101069D  pdf | impact statement
• 02/10/12  Senate: Printed as engrossed 12101069D-E  pdf | impact statement
• 03/01/12  Senate: Bill text as passed Senate and House (SB49ER)  pdf | impact statement
• 04/06/12  Governor: Acts of Assembly Chapter text (CHAP0666)  pdf

AMENDMENTS

• Senate amendments

HISTORY

• 01/04/12  Senate: Prefiled and ordered printed; offered 01/11/12 12101069D
• 01/04/12  Senate: Referred to Committee on Finance
• 02/08/12  Senate: Reported from Finance with amendment (15-Y 0-N)
• 02/09/12  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/10/12  Senate: Read second time
• 02/10/12  Senate: Reading of amendment waived
• 02/10/12  Senate: Committee amendment agreed to
• 02/10/12  Senate: Engrossed by Senate as amended SB49E
• 02/10/12  Senate: Printed as engrossed 12101069D-E
• 02/13/12  Senate: Read third time and passed Senate (40-Y 0-N)
• 02/15/12  House: Placed on Calendar
• 02/15/12  House: Read first time
• 02/15/12  House: Referred to Committee on Finance
• 02/16/12  House: Assigned Finance sub: #2
• 02/22/12  House: Reported from Finance (20-Y 0-N)
• 02/24/12  House: Read second time
• 02/27/12  House: Read third time
• 02/27/12  House: Passed House BLOCK VOTE (98-Y 0-N)
• 02/27/12  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
• 03/01/12  Senate: Enrolled
• 03/01/12  Senate: Bill text as passed Senate and House (SB49ER)
• 03/01/12  House: Signed by Speaker
• 03/03/12  Senate: Signed by President
• 04/06/12  Governor: Approved by Governor-Chapter 666 (effective 7/1/12)
• 04/06/12  Governor: Acts of Assembly Chapter text (CHAP0666)