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)