SENATE BILL 556

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)