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HB1575

Merchants' capital tax; separate classification, retailers.

Status:
Enacted

Chief Patron:
Mark Cole (R)

Session:
2020 Regular Session

Summary

As Passed House of Origin. Merchants' capital tax; separate classification; retailers.

Provides that the merchants' capital of any retailer reported as inventory that is located in a structure that contains at least 200,000 square feet, with at least 200,000 square feet used solely to store such inventory, shall, along with certain wholesalers, be considered a separate classification and may be taxed at a lower rate than other classifications of merchants' capital. Under current law, only merchants' capital of wholesalers meeting a similar threshold of 100,000 square feet constitutes a separate class of property. (Less)

  • Bill History

  • 01/14/2020 - House: Presented and ordered printed 20105515D
  • 01/14/2020 - House: Referred to Committee on Finance
  • 01/19/2020 - House: Impact statement from TAX (HB1575)
  • 01/23/2020 - House: Assigned Finance sub: Subcommittee #2
  • 02/03/2020 - House: House committee, floor amendments and substitutes offered
  • 02/03/2020 - House: Subcommittee recommends reporting with substitute (9-Y 1-N)
  • 02/05/2020 - House: Committee substitute printed 20106932D-H1
  • 02/05/2020 - House: Reported from Finance with substitute (21-Y 1-N)
  • 02/06/2020 - House: Read first time
  • 02/07/2020 - House: Read second time
  • 02/07/2020 - House: Committee substitute agreed to 20106932D-H1
  • 02/07/2020 - House: Engrossed by House - committee substitute HB1575H1
  • 02/10/2020 - House: Read third time and passed House (79-Y 19-N)
  • 02/10/2020 - House: VOTE: Passage (79-Y 19-N)
  • 02/11/2020 - Senate: Constitutional reading dispensed
  • 02/11/2020 - Senate: Referred to Committee on Finance and Appropriations
  • 02/19/2020 - House: Impact statement from TAX (HB1575H1)
  • 02/25/2020 - Senate: Reported from Finance and Appropriations (16-Y 0-N)
  • 02/26/2020 - Senate: Constitutional reading dispensed (38-Y 0-N)
  • 02/27/2020 - Senate: Read third time
  • 02/27/2020 - Senate: Passed Senate (40-Y 0-N)
  • 03/04/2020 - House: Enrolled
  • 03/04/2020 - House: Bill text as passed House and Senate (HB1575ER)
  • 03/05/2020 - House: Signed by Speaker
  • 03/05/2020 - Senate: Signed by President
  • 03/06/2020 - House: Impact statement from TAX (HB1575ER)
  • 03/12/2020 - House: Enrolled Bill communicated to Governor on March 12, 2020
  • 03/12/2020 - Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
  • 03/31/2020 - Governor: Approved by Governor-Chapter 541 (effective 7/1/20)
  • 03/31/2020 - Governor: Acts of Assembly Chapter text (CHAP0541)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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