HR 5004: House Finances Subcommittee on Income and Sales Tax Preferences
June 16, 2004
The House Finance Subcommittee
on Income and Sales Tax Preferences was created to examine all individual
and corporate income tax credits, subtractions, and deductions, as well
as all sales and use tax exemptions.
Chairman Drake reviewed
the charge of the subcommittee, as set forth in HR 5004, to study the
sales and use tax and individual and corporate income tax preferences
found in Title 58.1 of the Code of Virginia and (i) examine the policy
reasons for such tax preferences, (ii) make recommendations regarding
which, if any, preferences should be repealed or amended, and (iii) develop
criteria for granting any such future tax preferences. She said that the
meeting was intended to be a brief organizational one.
Delegate Nixon, with
the concurrence of the subcommittee, requested that staff prepare a chart
that provides: (i) a description of each preference, (ii) the initial
date and the date of any amendments, (iii) where possible, the purpose,
(iv) the lost revenue, (v) whether other states have the preference, and
(vi) where possible, the extent to which the purpose has been fulfilled.
Chairman Drake requested all interested parties to provide any relevant
information to staff to assist in the compilation of information for the
agreed to meet again on August 23, 2004, immediately following the joint
meeting that morning of the House Finance Committee, the House Appropriations
Committee, and the Senate Finance Committee.
The Hon. Thelma Drake
Division of Legislative Services
of Legislative Services > Legislative
Record > 2004
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