HB1743
License tax, local; work group to review deduction for receipts attributable to out-of-state.
Status:
Enacted
Latest Action:
March 21, 2025
Acts of Assembly Chapter text (CHAP0192)
Chief Patron:
Vivian Watts (D)
Session:
2025 Regular Session
Summary
As Passed House of Origin. License taxes; deduction for out-of-state receipts; work group; report.
Provides that, for purposes of the license tax deduction for out-of-state receipts, such receipts shall be determined based upon the facts and circumstances of the taxpayer's business operation, without regard to the amount of income, receipts, or revenue ultimately computed as taxable under the methodology used by the state or ... (More) country to which such receipts are attributable. The bill defines 'income or other tax based upon income' as a net income tax, as defined in federal law, or any other tax the measure of which is based in whole or in part on gross or net income, or receipts. The bill has a delayed effective date with regard to such provisions of July 1, 2026. Finally, the bill directs the Department of Taxation to convene a work group to review the policies, methods, existing laws, and potential impacts of such license tax deduction and to submit a report of the findings and recommendations, if any, of the work group to the Chairs of the House Committee on Finance, the House Committee on Appropriations, and the Senate Committee on Finance and Appropriations by October 1, 2025. (Less)-
Bill History
- 01/04/2025 - House: Prefiled and ordered printed; Offered 01-08-2025 25102625D
- 01/04/2025 - House: Referred to Committee on Finance
- 01/13/2025 - House: Assigned Finance sub: Subcommittee #2
- 01/13/2025 - House: Placed on Finance Agenda
- 01/14/2025 - House: Impact statement from TAX (HB1743)
- 01/14/2025 - House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
- 01/18/2025 - House: Placed on Finance Agenda
- 01/25/2025 - House: Placed on Finance Agenda
- 01/29/2025 - House: Reported from Finance with substitute (21-Y 0-N)
- 01/29/2025 - House: Committee substitute printed 25106460D-H1
- 01/31/2025 - House: Read first time
- 02/03/2025 - House: Read second time
- 02/03/2025 - House: Finance Substitute agreed to
- 02/03/2025 - House: Engrossed by House - committee substitute
- 02/04/2025 - House: Read third time and passed House (97-Y 0-N)
- 02/04/2025 - House: Reconsideration of passage agreed to by House
- 02/04/2025 - House: Passed House (99-Y 0-N)
- 02/05/2025 - Senate: Constitutional reading dispensed (on 1st reading)
- 02/05/2025 - Senate: Referred to Committee on Finance and Appropriations
- 02/07/2025 - House: Impact statement from TAX (HB1743)
- 02/10/2025 - House: Impact statement from CLG (HB1743)
- 02/11/2025 - Senate: Reported from Finance and Appropriations with substitute (15-Y 0-N)
- 02/11/2025 - Senate: Committee substitute printed 25107127D-S1
- 02/11/2025 - Senate: Rules suspended
- 02/11/2025 - Senate: Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- 02/11/2025 - Senate: Passed by for the day
- 02/12/2025 - Senate: Read third time
- 02/12/2025 - Senate: Reading of substitute waived
- 02/12/2025 - Senate: Finance and Appropriations Substitute agreed to
- 02/12/2025 - Senate: Engrossed by Senate - committee substitute
- 02/12/2025 - Senate: Passed Senate with substitute (39-Y 0-N)
- 02/14/2025 - House: Senate substitute rejected by House (Y-2 N-93 A-0)
- 02/18/2025 - Senate: Senate insisted on substitute (40-Y 0-N)
- 02/18/2025 - Senate: Senate requested conference committee
- 02/19/2025 - House: House acceded to request
- 02/19/2025 - House: Conferees appointed by House
- 02/19/2025 - House: Delegates: Watts, Anthony, McNamara
- 02/20/2025 - Senate: Conferees appointed by Senate
- 02/20/2025 - Senate: Senators: Deeds, Locke, McDougle
- 02/21/2025 - Amended by conference committee
- 02/21/2025 - House: Conference substitute printed 25107972D-H2
- 02/21/2025 - Senate: Conference report agreed to by Senate (38-Y 0-N)
- 02/22/2025 - House: Conference report agreed to by House (99-Y 0-N)
- 03/07/2025 - House: Enrolled
- 03/07/2025 - House: Bill text as passed House and Senate (HB1743ER)
- 03/07/2025 - House: Impact statement from TAX (HB1743)
- 03/07/2025 - House: Signed by Speaker
- 03/10/2025 - Senate: Signed by President
- 03/11/2025 - House: Enrolled Bill communicated to Governor on March 11, 2025
- 03/11/2025 - Governor's Action Deadline 11:59 p.m., March 24, 2025
- 03/21/2025 - Approved by Governor-Chapter 192 (Effective 07/01/25)
- 03/21/2025 - Acts of Assembly Chapter text (CHAP0192)
