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HB365

Income tax, state and corporate; subtraction for Virginia real estate investment trust income.

Status:
Enacted

Chief Patron:
Nick Rush (R)

Session:
2018 Regular Session

Summary

As Passed House of Origin. Income tax subtraction; Virginia real estate investment trust income

. Establishes an individual and corporate income tax subtraction for income attributable to an investment in a Virginia real estate investment trust, defined in the bill as an investment fund that is certified by the Department of Taxation as investing at least 90 percent of trust funds in Virginia and at least 40 percent of trust funds in localities that are either distressed or double distressed. The bill defines a distressed locality as one where the unemployment rate is greater than the statewide average or the poverty rate exceeds the statewide average. The bill defines a double distressed locality as one that satisfies both of the preceding criteria. An income tax subtraction would be available only for an investment made on or after January 1, 2019, but before December 31, 2024. (Less)

  • Bill History

  • 01/05/2018 - House: Prefiled and ordered printed; offered 01/10/18 18103580D
  • 01/05/2018 - House: Referred to Committee on Finance
  • 01/23/2018 - House: Assigned Finance sub: Subcommittee #2
  • 01/24/2018 - House: Impact statement from TAX (HB365)
  • 01/24/2018 - House: Subcommittee recommends reporting with amendment (7-Y 1-N)
  • 01/29/2018 - House: Reported from Finance with amendments (22-Y 0-N)
  • 01/31/2018 - House: Read first time
  • 02/01/2018 - House: Read second time
  • 02/01/2018 - House: Committee amendments agreed to
  • 02/01/2018 - House: Engrossed by House as amended HB365E
  • 02/01/2018 - House: Printed as engrossed 18103580D-E
  • 02/02/2018 - House: Read third time and passed House (97-Y 0-N)
  • 02/02/2018 - House: VOTE: PASSAGE (97-Y 0-N)
  • 02/05/2018 - Senate: Constitutional reading dispensed
  • 02/05/2018 - Senate: Referred to Committee on Finance
  • 02/19/2018 - House: Impact statement from TAX (HB365E)
  • 02/27/2018 - Senate: Reported from Finance (16-Y 0-N)
  • 02/28/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/28/2018 - Senate: Read third time
  • 02/28/2018 - Senate: Passed Senate (40-Y 0-N)
  • 03/01/2018 - House: Enrolled
  • 03/01/2018 - House: Bill text as passed House and Senate (HB365ER)
  • 03/01/2018 - House: Signed by Speaker
  • 03/03/2018 - Senate: Signed by President
  • 03/05/2018 - House: Impact statement from TAX (HB365ER)
  • 03/07/2018 - House: Enrolled Bill communicated to Governor on March 7, 2018
  • 03/07/2018 - Governor: Governor's Action Deadline Midnight, April 9, 2018
  • 04/09/2018 - House: Governor's recommendation received by House
  • 04/18/2018 - House: House concurred in Governor's recommendation (99-Y 0-N)
  • 04/18/2018 - House: VOTE: ADOPTION (99-Y 0-N)
  • 04/18/2018 - Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
  • 04/18/2018 - Senate: Reconsideration of Governor's recommendation agreed to (38-Y 0-N 1-A)
  • 04/18/2018 - Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
  • 04/18/2018 - Governor: Governor's recommendation adopted
  • 04/18/2018 - House: Reenrolled
  • 04/18/2018 - House: Reenrolled bill text (HB365ER2)
  • 04/18/2018 - House: Signed by Speaker as reenrolled
  • 04/18/2018 - Senate: Signed by President as reenrolled
  • 04/18/2018 - House: Enacted, Chapter 821 (effective 7/1/18)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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