SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2016 SESSION

  • print version
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: February 17, 2016
Time and Place:

H.B. 22

Patron: Farrell

Tax credit for contributions to political candidates; expiration. Sunsets the individual income tax credit for contributions to political candidates beginning with taxable year 2017.

H.B. 182

Patron: Minchew

Transient occupancy tax; Frederick County. Authorizes Frederick County to impose an additional transient occupancy tax (all counties may impose such tax at a maximum rate of two percent) at a maximum rate of three percent, for a total maximum rate of five percent. The revenue from the additional tax shall be used solely for tourism purposes.

H.B. 328

Patron: Austin

Transient occupancy tax; Botetourt County. Permits Botetourt County to impose an additional transient occupancy at a rate not to exceed two percent. One-half of the revenue from the additional tax shall be spent for tourism promotion in the County in consultation with the Roanoke Valley Convention and Visitors Bureau. The other half shall be spent for the development, improvement, operation, and promotion of tourism facilities, initiatives, and events at the Botetourt Center at Greenfield, including sports, heritage, and cultural tourism development at the Center. Under current law, Botetourt County may impose a transient occupancy tax at a rate not to exceed five percent.

H.B. 742

Patron: Toscano

Neighborhood Assistance Program tax credits; eligibility. Creates an exception to the requirement that each affiliate of a neighborhood organization must also meet all program regulations and guidelines as a condition of the neighborhood organization's eligibility for tax credits. Under the bill, the general program requirements for proposals submitted to the Commissioner of Social Services that (i) at least 50 percent of the persons served by each affiliate of the neighborhood organization be low-income persons, (ii) at least 50 percent of the revenues of each affiliate of the neighborhood organization be used to provide services to such persons, (iii) each affiliate also meet the definition of a "neighborhood organization," and (iv) an audit, review, or compilation for each affiliate be furnished will not apply if (a) the neighborhood organization otherwise meets all program requirements and regulations, (b) the neighborhood organization received a fiscal year 2013-2014 allocation of neighborhood assistance tax credits, and (c) no affiliate of the neighborhood organization submits a proposal for or receives an allocation of tax credits for the program year for which the neighborhood organization has submitted its proposal. The exemption from the affiliate requirements is permanent and benefits neighborhood organizations applying for tax credits from the Commissioner of Social Services.

Current law provides a similar exemption from the affiliate requirements for neighborhood organizations that received an allocation of tax credits for fiscal year 2011-2012 from the Superintendent of Public Instruction. However, this exemption is set to expire beginning with allocations of tax credits for fiscal year 2019-2020. The bill also makes this current exemption permanent.

The changes under the bill creating a new exemption from the affiliate requirements and making permanent the current exemption from such requirements have the effect of permanently grandfathering certain neighborhood organizations from such requirements. Those neighborhood organizations that would be permanently exempt from the affiliate requirements were awarded neighborhood assistance tax credits prior to the requirements' becoming effective.

H.B. 1194

Patron: Austin

Transient occupancy tax; Bedford County. Permits Bedford County to impose an additional transient occupancy tax at a rate not to exceed two percent. The additional revenue shall be used solely for tourism purposes to attract travelers, increase occupancy at lodging properties, and generate tourism revenues. Under current law, Bedford County may impose a transient occupancy tax at a rate not to exceed five percent.

H.B. 1331

Patron: Bloxom

Income tax withholding. 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 to 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.