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 credit bills that were introduced but did not move.
Com. Sub. SB 238 is now the only historic tax credit bill left standing.
From here, Com. Sub. SB 238 will be read on the Senate floor three times (Monday, Tuesday, Wednesday) before being put to a vote before the full Senate on Wednesday. Wednesday the 29th also happens to be the last possible day the bill can pass out of the Senate.
If the bill passes the full Senate on Wednesday, Com. Sub. SB 238 will be read on the House floor on Thursday and referred to its House committees. We’ll then have to work to get the bill through the House committees before the last day of session, April 8th (next Saturday!).
Don’t hesitate to get in touch should you have any questions or comments.