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

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22104027D
01/11/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
01/27/2022Impact statement from TAX (HB352)
02/07/2022Subcommittee recommends striking from docket (9-Y 0-N)
02/15/2022Left in Finance

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