SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2015 SESSION

  • | print version

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

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

SUMMARY AS PASSED SENATE:

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.

SUMMARY AS INTRODUCED:

Income tax subtraction; long-term capital gain from qualified investments. Authorizes qualified investments to be made through June 30, 2017, in order to be eligible for the long-term capital gains income tax subtraction. Under current laws, qualified investments may be made through June 30, 2015.