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2013 SESSION

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HB 1872 Investments; qualification for tax credits, clarifies meaning of funding portal, guidelines.

Introduced by: Jennifer L. McClellan | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Online investments; eligible for state tax credits. Specifies that investments transacted via an online general solicitation, online broker, or a funding portal shall be eligible for state tax credits, so long as the investment otherwise meets all requirements for earning the particular tax credit.

SUMMARY AS INTRODUCED:

Investments that qualify for tax credits; qualified website. Specifies that if an investment that is otherwise eligible for a tax credit under the Code of Virginia is made through a website that offers general solicitation or "crowdfunding," such website must be registered with the Department of Taxation. In order to register, the website shall meet all federal requirements for such sites and shall disseminate certain information to potential investors concerning the entities seeking investments through the website. The bill directs the Department to develop guidelines concerning the registration, and to post on its website a list of registered websites.