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2016 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: Patty Lung
Staff: Lisa Wallmeyer, Nicole Brenner
Date of Meeting: January 26, 2016
Time and Place: 9:00 a.m. - Senate Room B

S.B. 15

Patron: Garrett

Local economic development. Provides that the Virginia income tax net revenue and sales and use tax generated by certain corporations or limited liability companies within a qualified locality be transferred to the qualified locality under certain conditions. A qualified locality is one that (i) has made application to the Virginia Economic Development Partnership Authority for a Major Employment and Investment Project Site Planning Grant and has been rejected for such grant and (ii) has expended local funds for the economic development purposes specified in the requirements for such grant provided by statute and in guidelines of the Authority. The bill provides that the total amount eligible to be returned to a qualified locality shall not exceed $5 million for any single economic development project.

S.B. 182

Patron: Chafin

Local gas road improvement and Virginia Coalfield Economic Development Authority tax; use of revenues. Authorizes localities that comprise the Virginia Coalfield Economic Development Authority to use a portion of the revenues collected from the local gas road improvement and Virginia Coalfield Economic Development Authority tax for the repair or enhancement of existing water or sewer systems and lines.

S.B. 218

Patron: Marsden

Limitation on gross receipts for staffing firms; business license taxes. Provides that gross receipts for a staffing firm shall not include employee benefits for an independent contractor by including both employees who receive a Form W-2 and independent contractors who receive a Form 1099 in the definition of "contract employee."

S.B. 230

Patron: Alexander

Income tax withholding; employer penalties. Codifies provisions in the current general appropriation act that (i) require all employers to electronically file withholding tax returns and (ii) require the annual withholding tax return and employee withholding statements be furnished to the Department of Taxation by January 31 (which date appears in the Code of Virginia as February 28). The general appropriation act allows a waiver from each requirement if the Tax Commissioner finds it creates an unreasonable burden on the employer.

The bill establishes new penalties on employers for not filing electronically or not furnishing employee withholding statements by January 31. A penalty of $5 per month is imposed for each delinquent employee withholding statement, not to exceed $30 per withholding statement. A penalty is also imposed for not filing employee withholding statements electronically, at a rate of (i) $5 per employee statement for employers with not more than 50 employees, (ii) $10 per statement for employers with more than 50 but less than 100 employees, and (iii) $20 per statement for employers with 100 or more employees. The bill applies to withholding tax returns and employee withholding statements relating to taxable years beginning on or after January 1, 2016.

S.B. 325

Patron: Howell

Department of Taxation; disclosure of certain tax information. Permits the Department of Taxation (the Department) to disclose to a taxpayer whether the taxpayer's employer submitted withholding records to the Department as required. The bill also requires the Department to maintain a list of licensed cigarette stamping agents and make it available upon request to any federal, state, or local law enforcement agency.

S.B. 400

Patron: Marsden

Virginia taxable income; personal use of campaign funds. Includes as Virginia taxable income any funds that are contributed to a campaign committee but used by the taxpayer for personal use.

S.B. 445

Patron: McDougle

Real property tax assessment; date to fix tax rate. Changes from April 15 to April 30 the date by which a county, city, or town is required to fix the real property tax rate for taxes due on or before June 30.

S.B. 506

Patron: Sturtevant

Waiver of tax penalties for small businesses. Waives any tax penalties for a small business during its first two years of operation as long as the business enters into an installment agreement with the Tax Commissioner for the payment of taxes.

S.B. 532

Patron: Surovell

Planning District 8 paper and plastic bag tax. Authorizes localities in Planning District 8 by ordinance to impose a tax of five cents on disposable paper bags and disposable plastic bags. Revenues from the local tax would be collected by the Tax Commissioner and distributed monthly to the county or city imposing the tax. The bill requires each county or city adopting an ordinance to impose the tax to provide a certified copy of the ordinance to the Tax Commissioner at least six months prior to the date the tax is to become effective.

S.B. 625

Patron: Alexander

Transfers to the Port Opportunity Fund. Creates an exception to an annually determined transfer to the Port Opportunity Fund if the Secretary of Transportation determines that the transfer is not in the long-term interest of the Virginia Port Authority.

S.B. 670

Patron: McDougle

Bank franchise tax. Sets a cap of $18 million on the total annual bank franchise tax liability per taxpayer. The cap will increase to $20 million if at least five taxpayers pay the $18 million cap for three consecutive years.