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

Bill Has Passed

History

DateAction
01/12/2022Committee
01/12/2022Presented and ordered printed 22103362D
01/12/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
02/03/2022Impact statement from TAX (HB1121)
02/07/2022House subcommittee amendments and substitutes offered
02/07/2022Subcommittee recommends reporting with substitute (9-Y 0-N)
02/07/2022Subcommittee recommends referring to Committee on Appropriations
02/07/2022House committee, floor amendments and substitutes offered
02/07/2022Reported from Finance with substitute (21-Y 0-N) (see vote tally)
02/07/2022Committee substitute printed 22106141D-H1
02/07/2022Referred to Committee on Appropriations
02/11/2022Reported from Appropriations (18-Y 0-N) (see vote tally)
02/13/2022Read first time
02/14/2022Read second time
02/14/2022Committee substitute agreed to 22106141D-H1
02/14/2022Engrossed by House - committee substitute HB1121H1
02/15/2022Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/15/2022VOTE: Block Vote Passage (100-Y 0-N) (see vote tally)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on Finance and Appropriations
02/24/2022Impact statement from TAX (HB1121H1)
03/01/2022Senate committee, floor amendments and substitutes offered
03/01/2022Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally)
03/01/2022Committee substitute printed 22106756D-S1
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/02/2022Read third time
03/02/2022Reading of substitute waived
03/02/2022Committee substitute agreed to 22106756D-S1
03/02/2022Engrossed by Senate - committee substitute HB1121S1
03/02/2022Passed Senate with substitute (40-Y 0-N) (see vote tally)
03/02/2022Senate substitute agreed to by House 22106756D-S1 (99-Y 0-N)
03/02/2022VOTE: Adoption (99-Y 0-N) (see vote tally)
03/04/2022Impact statement from TAX (HB1121S1)
03/07/2022Enrolled
03/07/2022Bill text as passed House and Senate (HB1121ER)
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
03/23/2022Impact statement from TAX (HB1121ER)
04/11/2022G Approved by Governor-Chapter 690 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0690)

Duplicate Bills

The following bills are identical to this one: HB401.

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)