Income tax, state; pass-through entities. (HB401)
Introduced By
Del. Vivian Watts (D-Annandale) with support from co-patron 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 »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/11/2022 | Committee |
| 01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22101046D |
| 01/11/2022 | Referred to Committee on Finance |
| 01/27/2022 | Assigned Finance sub: Subcommittee #1 |
| 02/03/2022 | Impact statement from TAX (HB401) |
| 02/07/2022 | Subcommittee recommends striking from docket (9-Y 0-N) |
| 02/15/2022 | Left in Finance |
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