Income tax, state and corporate; deductions for business interest. (HB1006)

Introduced By

Del. Emily Brewer (R-Suffolk)

Progress

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

Description

Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 30 percent the Virginia individual and corporate income tax deduction for business interest disallowed as a deduction under § 163(j) of the Internal Revenue Code for taxable years beginning on and after January 1, 2022. This bill is identical to SB 288. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2022Committee
01/12/2022Prefiled and ordered printed; offered 01/12/22 22102127D
01/12/2022Referred to Committee on Finance
01/27/2022Impact statement from TAX (HB1006)
01/27/2022Assigned Finance sub: Subcommittee #1
01/31/2022House subcommittee amendments and substitutes offered
01/31/2022Subcommittee recommends reporting with substitute (6-Y 2-N)
02/01/2022Impact statement from TAX (HB1006)
02/02/2022House committee, floor amendments and substitutes offered
02/02/2022Committee substitute printed 22105587D-H1
02/02/2022Reported from Finance with substitute (15-Y 6-N) (see vote tally)
02/02/2022Referred to Committee on Appropriations
02/08/2022Impact statement from TAX (HB1006)
02/08/2022Impact statement from TAX (HB1006H1)
02/10/2022Impact statement from TAX (HB1006)
02/11/2022House committee, floor amendments and substitutes offered
02/11/2022Reported from Appropriations with substitute (18-Y 0-N) (see vote tally)
02/11/2022Committee substitute printed 22106353D-H2
02/13/2022Read first time
02/14/2022Read second time
02/14/2022Committee on Finance substitute rejected 22105587D-H1
02/14/2022Committee on Appropriations substitute agreed to 22106353D-H2
02/14/2022Engrossed by House - committee substitute HB1006H2
02/15/2022Read third time and passed House (89-Y 9-N)
02/15/2022VOTE: Passage (89-Y 9-N) (see vote tally)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on Finance and Appropriations
02/18/2022Impact statement from TAX (HB1006H2)
03/01/2022Reported from Finance and Appropriations (15-Y 0-N) (see vote tally)
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/02/2022Read third time
03/02/2022Passed Senate (40-Y 0-N) (see vote tally)
03/07/2022Enrolled
03/07/2022Bill text as passed House and Senate (HB1006ER)
03/08/2022Impact statement from TAX (HB1006ER)
03/08/2022Signed by Speaker
03/08/2022Signed by President
03/22/2022Enrolled Bill communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 648 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0648)

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