1997 Regular Session

SENATE BILL 556

CHAPTER NUMBER: 603 File Code: Income Crossfiled with: HOUSE BILL 447
Sponsored By:
Senator Hogan
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

Senate Action
1/31
First Reading Budget and Taxation
2/5
Hearing 2/19 at 1:30 p.m.
4/5
Favorable Report by Budget and Taxation
Favorable Report Adopted
Second Reading Passed
4/6
Third Reading Passed (45-0)
5/22
Signed by the Governor Chapter 603
House Action
4/5
First Reading Ways and Means
4/7
Favorable Report by Ways and Means
4/6
Favorable Report Adopted
Second Reading Passed
Motion Rules Suspended 2rdgs same day (Delegate Hurson) Adopted (114-8)
Third Reading Passed (128-0)
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)