Income tax, state; pass-through entities, elective tax. (HB1121)
Introduced By
Del. Joe McNamara (R-Roanoke) with support from co-patron Del. Vivian Watts (D-Annandale)
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 (i) creates a corresponding refundable income tax credit 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 and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025. This bill is identical to SB 692. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/12/2022 | Committee |
| 01/12/2022 | Presented and ordered printed 22103362D |
| 01/12/2022 | Referred to Committee on Finance |
| 01/27/2022 | Assigned Finance sub: Subcommittee #1 |
| 02/03/2022 | Impact statement from TAX (HB1121) |
| 02/07/2022 | House subcommittee amendments and substitutes offered |
| 02/07/2022 | Subcommittee recommends reporting with substitute (9-Y 0-N) |
| 02/07/2022 | Subcommittee recommends referring to Committee on Appropriations |
| 02/07/2022 | House committee, floor amendments and substitutes offered |
| 02/07/2022 | Reported from Finance with substitute (21-Y 0-N) (see vote tally) |
| 02/07/2022 | Committee substitute printed 22106141D-H1 |
| 02/07/2022 | Referred to Committee on Appropriations |
| 02/11/2022 | Reported from Appropriations (18-Y 0-N) (see vote tally) |
| 02/13/2022 | Read first time |
| 02/14/2022 | Read second time |
| 02/14/2022 | Committee substitute agreed to 22106141D-H1 |
| 02/14/2022 | Engrossed by House - committee substitute HB1121H1 |
| 02/15/2022 | Read third time and passed House BLOCK VOTE (100-Y 0-N) |
| 02/15/2022 | VOTE: Block Vote Passage (100-Y 0-N) (see vote tally) |
| 02/16/2022 | Constitutional reading dispensed |
| 02/16/2022 | Referred to Committee on Finance and Appropriations |
| 02/24/2022 | Impact statement from TAX (HB1121H1) |
| 03/01/2022 | Senate committee, floor amendments and substitutes offered |
| 03/01/2022 | Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally) |
| 03/01/2022 | Committee substitute printed 22106756D-S1 |
| 03/02/2022 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 03/02/2022 | Read third time |
| 03/02/2022 | Reading of substitute waived |
| 03/02/2022 | Committee substitute agreed to 22106756D-S1 |
| 03/02/2022 | Engrossed by Senate - committee substitute HB1121S1 |
| 03/02/2022 | Passed Senate with substitute (40-Y 0-N) (see vote tally) |
| 03/02/2022 | Senate substitute agreed to by House 22106756D-S1 (99-Y 0-N) |
| 03/02/2022 | VOTE: Adoption (99-Y 0-N) (see vote tally) |
| 03/04/2022 | Impact statement from TAX (HB1121S1) |
| 03/07/2022 | Enrolled |
| 03/07/2022 | Bill text as passed House and Senate (HB1121ER) |
| 03/08/2022 | Signed by Speaker |
| 03/08/2022 | Signed by President |
| 03/22/2022 | Enrolled Bill communicated to Governor on March 22, 2022 |
| 03/22/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
| 03/23/2022 | Impact statement from TAX (HB1121ER) |
| 04/11/2022 | G Approved by Governor-Chapter 690 (effective 7/1/22) |
| 04/11/2022 | G Acts of Assembly Chapter text (CHAP0690) |