SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2016 SESSION

  • | print version

HB 95 Income tax, corporate; addback for Captive REIT dividends.

Introduced by: R. Lee Ware | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


FULL TEXT

HISTORY