Income tax, state and corporate; business interest. (HB352)
Introduced By
Del. Vivian Watts (D-Annandale)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia taxable income; business interest. Increases from 20 percent to 50 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. The bill provides that for any taxpayer filing a separate return or as part of a combined return who is part of a federal consolidated group that does not report an interest expense limitation under § 163(j) of the Internal Revenue Code on its federal consolidated return in the taxable year, the deduction allowed shall be 100 percent. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/11/2022 | Committee |
01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22104027D |
01/11/2022 | Referred to Committee on Finance |
01/27/2022 | Assigned Finance sub: Subcommittee #1 |
01/27/2022 | Impact statement from TAX (HB352) |
02/07/2022 | Subcommittee recommends striking from docket (9-Y 0-N) |
02/15/2022 | Left in Finance |