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2020 SESSION
SB 1058 Income tax, corporate; returns of affiliated corporations, effective date.
Introduced by: Lynwood W. Lewis, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2020 through 2021, certain affiliated corporations may elect to switch to or from consolidated corporate income tax return filing status under certain conditions. The option would be available only to a group with at least one affiliate that is (i) a bank exempt from filing a Virginia corporate income tax return or (ii) an aerospace manufacturer. Current law requires a group of corporations to apply to the Tax Commissioner for permission to change the basis of the type of return filed and to meet certain specified requirements in order for permission to be granted. The provisions of the bill are contingent on funding in a general appropriation act.
FULL TEXT
- 01/17/20 Senate: Presented and ordered printed 20105425D pdf | impact statement
- 02/06/20 Senate: Committee substitute printed 20107670D-S1 pdf | impact statement
- 02/19/20 House: Committee substitute printed 20108201D-H1 pdf
AMENDMENTS
HISTORY
- 01/17/20 Senate: Presented and ordered printed 20105425D
- 01/17/20 Senate: Referred to Committee on Finance and Appropriations
- 02/06/20 Senate: Reported from Finance and Appropriations with substitute (15-Y 1-N)
- 02/06/20 Senate: Committee substitute printed 20107670D-S1
- 02/10/20 Senate: Constitutional reading dispensed (36-Y 0-N)
- 02/11/20 Senate: Read second time
- 02/11/20 Senate: Reading of substitute waived
- 02/11/20 Senate: Committee substitute agreed to 20107670D-S1
- 02/11/20 Senate: Engrossed by Senate - committee substitute SB1058S1
- 02/11/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/20 Senate: Passed Senate (39-Y 0-N)
- 02/14/20 House: Placed on Calendar
- 02/14/20 House: Read first time
- 02/14/20 House: Referred to Committee on Finance
- 02/14/20 House: Assigned Finance sub: Subcommittee #1
- 02/17/20 House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 02/17/20 House: Subcommittee recommends referring to Committee on Appropriations
- 02/19/20 House: Committee substitute printed 20108201D-H1
- 02/19/20 House: Reported from Finance with substitute (21-Y 1-N)
- 02/19/20 House: Referred to Committee on Appropriations
- 03/03/20 House: Left in Appropriations