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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: February 23, 2016
Time and Place: 9:00 a.m. - Senate Room B

H.B. 63

Patron: Lingamfelter

Sales and use tax; exemption for certain nonprofit entities. Provides exemptions from sales and use tax and local license taxes for certain nonprofit veterans organizations. The sales and use tax exemption shall not be used by a nonprofit veterans organization for purchases of tangible personal property that are used primarily (i) for social and recreational activities for members or (ii) for providing insurance benefits to members or members' dependents.

H.B. 95

Patron: Ware

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.

H.B. 127

Patron: Knight

Real property tax exemption; spouse of military service member killed in action. Clarifies that "killed in action" includes includes a determination by the U.S. Department of Defense of "died of wounds received in action" for purposes of the real property tax exemption on the residence of the surviving spouse.

H.B. 138

Patron: Knight

Virginia Beach arena. Extends from 2043 to 2050 an existing contingent sunset provision relating to the Virginia Beach arena.

H.B. 148

Patron: Fowler

Real property tax assessment; date to fix tax rate. Changes from April 15 to May 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.

H.B. 398

Patron: Sullivan

Sales and use tax; refunds. Prohibits any taxpayer failing to give a dealer at the time of purchase an exemption certificate that was issued by the Department of Taxation from receiving interest on a refund claim for any period prior to the date the refund claim is completed.

H.B. 409

Patron: Ingram

The Virginia Retirement System; technical corrections. Makes technical corrections to programs administered by the Virginia Retirement System, some of which will become effective on January 1, 2017.

H.B. 421

Patron: Helsel

Real property tax exemptions; military members and their surviving spouses. Extends the property tax exemptions for the principal  residences of certain disabled veterans and surviving spouses of members of the armed forces killed in action to include real property improvements made to the land surrounding such residences so long as the principal use of the improvement is (i) to house or cover motor vehicles or household goods and personal effects and (ii) for other than
a business purpose.

Article X, Section 6-A of the Constitution of Virginia exempts from local real property taxes the principal residences of (i) veterans with a 100 percent service-connected, permanent, and total disability and (ii) surviving spouses of members of the armed forces killed in action. Under the Code of Virginia, in general, up to one acre upon which the principal residence is situated is also exempt from local property taxes. This bill extends the exemption to other improvements made to such one acre so long as the principal use of the improvement is (i) to house or cover motor vehicles or household goods and personal effects and (ii) for other than a business purpose.

The provisions of the bill are effective for tax years beginning on or after January 1, 2017.

H.B. 477

Patron: Cox

Bonds; veterans care centers. Authorizes the Virginia Public Building Authority to issue bonds in the amount of $29.3 million plus financing costs to construct veterans care centers in Northern Virginia and Hampton Roads.

H.B. 872

Patron: Hugo

Sales and use tax exemption; certain data centers. Extends the sunset date from June 30, 2020, to June 30, 2035 for a sales and use tax exemption for certain data centers. The bill also permits jobs that are relocated from a data center that qualified for the exemption prior to July 1, 2016  to a new data center to count toward the 50 new jobs requirement  provided that a  capital investment of at least $500 million is made on or after July 1, 2016. The bill also makes a technical correction  regarding a subdivision that is erroneously set out twice in the Code.

H.B. 951

Patron: Keam

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.

H.B. 1063

Patron: Jones

Bonds for institutions of higher education. Authorizes issuance of bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in an amount up to $14,387,000 plus financing costs for revenue-producing capital projects at institutions of higher education. The bill contains an emergency clause.

EMERGENCY

H.B. 1093

Patron: Cline

Income tax credit; food crop donations to a food bank. Establishes an individual and corporate income tax credit beginning in 2016 for food crops that are grown by a person engaged in the business of farming and donated by such person to a nonprofit food bank. The credit would equal 30 percent of the fair market value of the food crops donated by the person during the taxable year, not to exceed an aggregate of $5,000 for any taxable year. The bill defines food crops as grains, fruits, nuts, or vegetables.

The Department of Taxation will administer the tax credit and may issue up to $250,000 in tax credits each fiscal year. The bill provides for any unused credit to be carried forward for five years. The credit would sunset on January 1, 2021.

H.B. 1147

Patron: Hope

Transient occupancy tax; Arlington County. Reinstates the authority of Arlington County, which expired pursuant to a January 1, 2012, sunset date, 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 has a sunset date of July 1, 2018.

H.B. 1152

Patron: Morefield

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.

H.B. 1203

Patron: Yost

Real property tax exemption; disabled veterans and the spouse of a service member killed in action. Provides that the real property tax exemption for the residence of a disabled veteran, or the residence of the spouse of a service member killed in action, (i) includes manufactured homes whether or not the wheels and other equipment previously used for mobility have been removed and (ii) applies to residences whether or not the veteran or the spouse owns the land on which the residence is located.

H.B. 1207

Patron: Peace

Family and Children's Trust Fund; exempt from taxation. Clarifies that the Family and Children's Trust Fund performs an essential governmental function and thus gifts, contributions, grants, devises, or bequests, whether personal or real property, and the income therefrom, accepted by the Trust Fund are exempt from all state and local taxes and regarded as the property of the Commonwealth for the purposes of all tax laws.

H.B. 1224

Patron: Ware

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.