Bill Text: VA SB793 | 2017 | Regular Session | Prefiled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Small businesses; waiver of tax penalties.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2017-03-24 - Governor: Acts of Assembly Chapter text (CHAP0718) [SB793 Detail]

Download: Virginia-2017-SB793-Prefiled.html

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17100189D
SENATE BILL NO. 793 Offered January 11, 2017 Prefiled September 19, 2016 A BILL to amend the Code of Virginia by adding a section numbered 58.1-1817.1, relating to waiver of tax penalties for small businesses. ---------- Patron-- Sturtevant ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-1817.1 as follows:

§58.1-1817.1. Waiver of tax penalties for small businesses.

As used in this section, "small business" means an independently owned and operated business that has been organized pursuant to Virginia law or maintains a principal place of business in Virginia and has 10 or fewer employees.

Any penalties related to taxes administered by the Department shall be waived for a small business during its first two years of operation, provided that such small business enters into an agreement pursuant to § 58.1-1817.