After being removed from the Senate Finance agenda earlier in the week, a committee substitute for SB 238 passed the Senate Finance Committee Friday afternoon!
Com. Sub. SB 238 is essentially the same as the original bill with the addition of a December 31, 2017, effective date. This addition ensures that no historic tax credits will be applied to taxpayers personal or corporate net income tax liability until at least January 1, 2019.
House Finance had HB 2545 on their agenda on Friday as well. However, due to the number of bills on the agenda and the time the committee spent on each, Delegate Nelson pulled HB 2545 from the agenda after learning Com. Sub. SB 238 had passed Senate Finance earlier in the afternoon.
Because HB 2545 did not pass out of committee in its chamber of origin prior to March 26th, that bill is effectively “dead” — as are the other historic tax…
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