Income tax, state; conformity with the Internal Revenue Code. (SB1146)

Introduced By

Sen. Janet Howell (D-Reston) with support from co-patron Sen. Chap Petersen (D-Fairfax)

Progress

✓	Introduced
☐	Passed Committee
☐	Passed House
☐	Passed Senate
☐	Signed by Governor
☐	Became Law

Description

Conformity of the Commonwealth's taxation system with the Internal Revenue Code. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill deconforms from the suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and from the provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance. The bill provides an individual and corporate income tax deduction or subtraction, as applicable, of up to $100,000 for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans. The bill contains an emergency clause and is identical to HB 1935. Read the Bill »

Status

04/21/2021: Awaiting a Vote in the Finance and Appropriations Committee

History

Date	Action
01/05/2021	Prefiled and ordered printed with emergency clause; offered 01/13/21 21102155D
01/05/2021	Referred to Committee on Finance and Appropriations
02/03/2021	Senate committee, floor amendments and substitutes offered
02/03/2021	Reported from Finance and Appropriations with substitute (10-Y 4-N 1-A) (see vote tally)
02/03/2021	Committee substitute printed 21103832D-S1
02/03/2021	Incorporates SB1394 (Petersen)
02/03/2021	Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/03/2021	Impact statement from TAX (SB1146S1)
02/04/2021	Senate committee, floor amendments and substitutes offered
02/04/2021	Read second time
02/04/2021	Reading of substitute waived
02/04/2021	Committee substitute agreed to 21103832D-S1
02/04/2021	Reading of amendments waived
02/04/2021	Amendments by Senator McDougle rejected (17-Y 22-N) (see vote tally)
02/04/2021	Amendments by Senator Newman agreed to
02/04/2021	Emergency clause deleted
02/04/2021	Engrossed by Senate - committee substitute with amendments SB1146ES1
02/04/2021	Printed as engrossed 21103832D-ES1
02/04/2021	Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/04/2021	Passed Senate (39-Y 0-N) (see vote tally)
02/07/2021	Placed on Calendar
02/07/2021	Read first time
02/07/2021	Referred to Committee on Finance
02/08/2021	Continued to Special Session 1 in Finance
02/08/2021	Impact statement from TAX (SB1146ES1)
02/10/2021	House committee, floor amendments and substitutes offered
02/10/2021	Reported from Finance with substitute (13-Y 9-N) (see vote tally)
02/10/2021	Committee substitute printed 21200004D-H1
02/12/2021	Read second time
02/15/2021	Read third time
02/15/2021	Committee substitute agreed to 21200004D-H1
02/15/2021	Engrossed by House - committee substitute SB1146H1
02/15/2021	Passed House with substitute (55-Y 44-N)
02/15/2021	VOTE: Adoption (55-Y 44-N) (see vote tally)
02/17/2021	House substitute rejected by Senate (2-Y 37-N) (see vote tally)
02/18/2021	House insisted on substitute
02/18/2021	House requested conference committee
02/19/2021	Senate acceded to request (38-Y 0-N)
02/19/2021	Conferees appointed by Senate
02/19/2021	Senators: Howell, Barker, Newman
02/19/2021	Conferees appointed by House
02/19/2021	Delegates: Watts, Torian, Knight
02/27/2021	C Amended by conference committee
02/27/2021	Conference substitute printed 21200693D-S2
02/27/2021	Conference report agreed to by Senate (39-Y 0-N)
02/27/2021	Conference report agreed to by House (95-Y 2-N)
02/27/2021	VOTE: Agreed To (95-Y 2-N)
02/27/2021	Emergency clause added
03/09/2021	Enrolled
03/09/2021	Bill text as passed Senate and House (SB1146ER)
03/09/2021	Signed by President
03/11/2021	Signed by Speaker
03/15/2021	Enrolled Bill Communicated to Governor on March 15, 2021
03/15/2021	G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/15/2021	G Approved by Governor-Chapter 118 (effective 3/15/21)
03/15/2021	G Acts of Assembly Chapter text (CHAP0118)