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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 27, 2016
Time and Place: 9:00 a.m. - Senate Room B
Revised to add HB 402

H.B. 402

Patron: Ware

Commonwealth's tax code; conformity with federal law; emergency. Advances conformity with the federal tax code from December 31, 2014, to December 31, 2015, and repeals the expiration date for conforming with enhancements to the federal earned income tax credit. The bill contains an emergency clause.

EMERGENCY

S.B. 116

Patron: Petersen

Virginia-Korea Advisory Board. Establishes the Virginia-Korea Advisory Board to advise the Governor on ways to improve mutually beneficial trade relationships between the Commonwealth and the Republic of Korea (South Korea). The Board would expire on July 1, 2019.

S.B. 149

Patron: Reeves

Local option health insurance plan; participation of regional emergency medical services councils. Authorizes regional emergency medical services councils to participate in the local option health insurance plan.

S.B. 160

Patron: Howell

Transient occupancy tax; Arlington County. Reinstates the authority of Arlington County, which expired January 1, 2012, to impose an additional transient occupancy tax at a rate not to exceed one-fourth of one percent. The revenues from the tax shall be spent solely for the purpose of promoting tourism and business travel in the county. The bill also removes the requirement that such revenues be in addition to the county's previous budgeted amount for the promotion of tourism and business travel.

S.B. 271

Patron: Garrett

Adoption leave benefit. Creates a new classification of paid leave for a state employee who adopts an infant. The amount of leave would be equivalent to the amount of paid leave awarded to an employee pursuant to short-term disability for maternity leave. The Department of Human Resource Management is directed to develop guidelines and policies for implementing the adoption leave benefit.

S.B. 297

Patron: Lucas

Line of Duty Act; certain employees of the Department of Corrections. Expands the definition of a deceased person under the Line of Duty Act to include employees of the Department of Corrections with internal investigations authority whose death occurs as a direct or proximate result of the performance of their duty.

S.B. 364

Patron: Chafin

Local option health insurance plan. Requires the Department of Human Resource Management to consider all participants in the local option health insurance plan in one pool for purposes of establishing contribution rates and accounting for claims and contributions for participants.

S.B. 372

Patron: McDougle

Obsolete tax statutes. Repeals obsolete tax-related statutes. This bill is a recommendation of the Code Commission.

S.B. 384

Patron: Vogel

State health insurance program; participation by certain local school division employees. Provides for the participation by employees of a school division in the state employee health plan. If the local school board elects to participate in the state employee health plan, it must make the election no later than January 1, 2017, with an effective date of July 1, 2017, for an initial period of three consecutive plan years, and thereafter participation shall be renewable for additional three-year terms at the option of the local school board. The bill also provides that the total cost of participation shall be paid by the local school board and the employees of the school division.

S.B. 497

Patron: Sturtevant

Submission of executive budget; zero-based budgeting. Requires, beginning in the 2018-2020 biennium, that "The Executive Budget" and all "Executive Budgets" shall be prepared and formulated using zero-based budgeting principles. The bill requires that such zero-based budgets reflect the amount of funding deemed necessary to achieve the most cost-effective performance of each agency or department pursuant to an accompanying narrative delineating the tasks to be performed by each agency or department, together with the goals and objectives for each agency or department. Each such budget shall have a zero dollar amount as its initial basis and shall not reflect any prior appropriation amount, adjusted or otherwise.

S.B. 499

Patron: Sturtevant

Accelerated sales tax payments. Prohibits the accelerated collection of sales and use tax payments from retail merchants and other dealers who collect and return sales and use tax payments.

S.B. 508

Patron: Sturtevant

Corporate income tax; addback for Captive REIT dividends. Provides that the voting power or value of the beneficial interests or shares in a real estate investment trust (REIT) that is held in a segregated asset account of a life insurance corporation shall not be taken into consideration when determining if the REIT is a Captive REIT for corporate income tax purposes. Under current law, no deduction from corporate income is allowed for dividends paid by a Captive REIT. The bill modifies current law for purposes of determining whether a REIT is a Captive REIT that will not be allowed a deduction for the dividends it pays.

The bill is effective for taxable year 2016 and thereafter.

S.B. 523

Patron: McPike

Line of Duty Act; firefighters and emergency medical services trainees. Includes persons enrolled in a Fire Service Training course offered by the Virginia Department of Fire Programs under the Line of Duty Act.

S.B. 619

Patron: Lucas

Line of Duty Act; probation and parole officers. Expands the definition of a deceased person under the Line of Duty Act to include probation and parole officers whose death occurs as a direct or proximate result of the performance of their duty.

S.B. 675

Patron: Chafin

Health insurance for local employees. Allows local school boards and local governing bodies to elect to have all their employees and retirees, as well as the dependents of employees and retirees, eligible to participate in the state employee health insurance plan. The local school boards and governing bodies shall be responsible for whatever portion of the cost of such insurance is not paid by the employee, except any portion that the General Assembly elects to pay. The school board and governing body of a given locality must both elect to participate in the state plan in order for their employees to participate.