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Legislation


2011 Regular Session

HOUSE BILL 7

File Code: Taxes - Income
Sponsored By:
Delegate Davis
Entitled:
Income Tax - Subtraction Modification and Tax Credit - Interest on Loans to Enterprise Zone Businesses

Synopsis:

Allowing a subtraction modification under, and credit against, the State income tax for interest income from loans made to businesses or the owners of businesses located in an enterprise zone; prohibiting the lender from having an equity or other ownership interest in the business entity; requiring a lender to reduce the principal of a residential mortgage loan of an owner of a specified business entity by the amount of the allowed credit within 90 days after an income tax return is filed; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used.
House Action
11/9
Pre-filed
1/12
First Reading Ways and Means
1/26
Hearing 2/10 at 1:00 p.m.
2/28
Unfavorable Report by Ways and Means
Senate Action
No Action

Bill indexed under the following Subjects:

Commerce and Business -see also- Dealers; Elec. Comm.; etc
Corporations -see also- Municipal Corps; Public Corps & Inst
Enterprise Zones
Exemptions
Income Tax
Interest
Loans -see also- Mortgages
Mortgages
Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General
( 10-207 , 10-207 , 10-307 , 10-307 , 10-729 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered
Committee Votes :
House
Ways and Means
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