Income tax, state; pass-through entities. (HB1121)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also creates a corresponding individual income tax subtraction for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level. Read the Bill »

Status

01/12/2022: In Committee

History

DateAction
01/12/2022Presented and ordered printed 22103362D
01/12/2022Committee

Duplicate Bills

The following bills are identical to this one: HB401.

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