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2015 SESSION

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SB 904 Income tax subtraction; long-term capital gain from qualified investments.

Introduced by: Ryan T. McDougle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Income tax subtraction for long-term capital gains; extends investment period. Extends from June 30, 2015, to June 30, 2020, the date by which investments in certain technology businesses must be made in order to claim an income tax subtraction for any long-term capital gain or investment services partnership interest income from such investments. Currently, a taxpayer investing in a technology business between April 1, 2010, and June 30, 2015, may claim an income tax subtraction for any long-term capital gain or investment services partnership interest income attributable to such investment if the business has its principal office or facility in the Commonwealth and had less than $3 million in annual revenues in the fiscal year prior to the investment. Under the bill, the Department of Taxation is required to record and, upon request, report the fiscal savings accruing to individuals and corporations claiming the subtraction. This bill is identical to HB 1741.


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