1997 Regular Session

HOUSE BILL 447

File Code: Miscellaneous Crossfiled with: SENATE BILL 556
Sponsored By:
Delegates Gordon, Frank, and Finifter
Entitled:
Limited Liability Company Tax Reform Act of 1997

Synopsis:

Exempting a limited liability company from the requirement to file an income tax return under specified circumstances if it only has one member; clarifying the obligation of a limited liability to file a partnership tax return or a corporation tax return; requiring the profit and loss of a limited liability company having only one member to be reflected on the member's tax return under specified circumstances; exempting specified transfers to or from a limited liability company from the motor vehicle excise tax; etc.

Legislative History

House Action
1/27
First Reading Ways and Means
1/29
Hearing 2/13 at 1:00 p.m.
3/18
Favorable Report by Ways and Means
Favorable Report Adopted
Second Reading Passed
3/20
Third Reading Passed (138-0)
Senate Action
3/24
First Reading Budget and Taxation
4/7
Favorable Report by Budget and Taxation
Sponsored by:
Delegate Michael R. Gordon, District 17
Delegate Michael J. Finifter, District 11
Delegate Robert L. Frank, District 11
Bill indexed under the following Subjects:
COMMERCE AND BUSINESS -see also- SMALL BUSINESS
CORPORATIONS -see also- MERGERS
EXCISE TAX
EXEMPTIONS
INCOME TAX
LIABILITY -see also- GOOD SAMARITAN
MOTOR VEHICLES -see also- ABANDONED VEH; OFF-RD. VEH.; TRUCK
PARTNERSHIPS
Bill affects the following Statutes:
Tax - General
( 10-819 )
Transportation
( 13-810 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)