HB1384

Find a 2014 Bill:

2014 Regular Session

 

Entitled:

Income Tax Credit - Pass-Through Entities

Sponsored by:

Delegate Bates

Status:

In the House - Unfavorable Report by Ways and Means; Withdrawn


Synopsis:Allowing an individual a credit against the State income tax equal to the amount by which the tax, when applying a specified effective tax rate, on the individual's distributive share of pass-through entity income exceeds the tax on the individual's distributive share of pass-through entity income when applying a tax rate of 2.875%; providing that an individual may not claim the credit if the individual's effective tax rate is less than 2.875%; and applying the Act to taxable years beginning after December 31, 2013.
Analysis:Fiscal and Policy Note
All Sponsors:Delegate Bates
Additional Facts:Bill File Type: Regular
Effective Date(s): July 1, 2014
Committee(s):
Ways and Means
Broad Subject(s):Taxes - Income
Narrow Subject(s):Business Trusts
Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Limited Liability Companies
Partnerships
Tax Credits -see also- Circuit Breaker
Statutes:

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


October 24, 2017 1:53 P.M.