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2017 SESSION

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Senate Committee on Finance

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

Clerk: Patty Lung, Wesley Bland
Staff: Lisa Wallmeyerr
Date of Meeting: January 18, 2017
Time and Place: 9:00 a.m. - Senate Room B

S.B. 804

Patron: Hanger

Retail sales and use tax; media-related exemptions. Extends, from July 1, 2017, to July 1, 2022, the expiration of the retail sales and use tax exemption for printing purchased by an advertising business from a printer in the Commonwealth, so long as such material is distributed outside of the Commonwealth.

S.B. 836

Patron: Chase

License taxes; Virginia taxable income. Provides that if a locality imposes a license tax upon a business, the tax shall be based upon the Virginia taxable income of the business. Current law allows a locality to impose the tax upon gross receipts or Virginia taxable income.

S.B. 843

Patron: McDougle

Biennial appropriation act. Provides that the Commonwealth's biennial appropriations shall start on July 1 of odd-numbered years beginning with the biennial appropriation act for the period July 1, 2019, through June 30, 2021. The bill requires that the fiscal year beginning July 1, 2018, would not be a part of any biennial appropriation act (i.e., it would be a single-year transitional budget).

S.B. 886

Patron: Chafin

Gas severance tax. Extends the sunset date from January 1, 2018, to January 1, 2020, for the local gas severance tax that is dedicated to (i) the local Coal and Gas Road Improvement Fund, (ii) the Virginia Coalfield Economic Development Fund, and (iii) water, sewer, and natural gas systems and lines.

S.B. 912

Patron: Edwards

Virginia taxable income of residents; reorganization of additions, subtractions, and deductions. Reorganizes the provisions of the Code of Virginia related to the calculation of Virginia taxable income of residents. Current law sets out the additions, subtractions, deductions, and other modifications in one lengthy section. The reorganization creates four new, smaller sections for additions, subtractions, deductions, and other modifications, respectively, but does not make any substantive changes to the calculation of Virginia taxable income. The bill contains numerous technical amendments. The bill is a recommendation of the Virginia Code Commission.

S.B. 925

Patron: Petersen

Plastic bag tax in the Chesapeake Bay Watershed. Imposes a five-cent per bag tax on plastic bags provided to customers by certain retailers in localities located wholly within the Chesapeake Bay Watershed and directs revenues to be used to support the Chesapeake Bay Watershed Implementation Plan. The bill also allows every retailer that collects the tax to retain one cent of the five-cent tax.

S.B. 977

Patron: Hanger

Commonwealth's tax code; conformity with federal law; emergency. Advances conformity with the federal tax code to December 31, 2016. The bill contains an emergency clause.

EMERGENCY

S.B. 1025

Patron: Dunnavant

Payment of estimated taxes by certain public service corporations; repeal. Repeals provisions requiring that certain public service corporations make payments of estimated state licenses taxes to the State Corporation Commission. The bill has a delayed effective date of January 1, 2019.

S.B. 1186

Patron: Dance

Taxation of all-terrain vehicles, mopeds, and off-road motorcycles. Provides that all-terrain vehicles, mopeds, and off-road vehicles shall be subject to the motor vehicle sales and use tax but exempt from the retail sales and use tax. Current law provides that such vehicles are subject to the retail sales and use tax but exempt from the motor vehicle sales and use tax.