Commonwealth's taxation system; conformity with the Internal Revenue Code, Rebuild Va. grants, etc. (HB971)

Introduced By

Del. Kathy Byron (R-Lynchburg) with support from co-patron Del. Wendell Walker (R-Lynchburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection Program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2022Presented and ordered printed with emergency clause 22103771D
01/12/2022Committee
01/12/2022Prefiled and ordered printed with emergency clause; offered 01/12/22 22103771D
01/12/2022Referred to Committee on Finance
01/23/2022Impact statement from TAX (HB971)
01/26/2022House committee, floor amendments and substitutes offered
01/26/2022Reported from Finance with amendment(s) (12-Y 10-N) (see vote tally)
01/27/2022Reconsidered by Finance
01/27/2022Reported from Finance with amendment(s) (11-Y 10-N) (see vote tally)
01/27/2022Referred to Committee on Appropriations
01/31/2022House committee, floor amendments and substitutes offered
01/31/2022Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
01/31/2022Committee substitute printed 22105507D-H1
02/02/2022Read first time
02/03/2022Read second time
02/03/2022Committee on Finance amendments rejected
02/03/2022Committee on Appropriations substitute agreed to 22105507D-H1
02/03/2022Engrossed by House - committee substitute HB971H1
02/04/2022Read third time and passed House (100-Y 0-N)
02/04/2022VOTE: Passage Emergency (100-Y 0-N) (see vote tally)
02/07/2022Constitutional reading dispensed
02/07/2022Referred to Committee on Finance and Appropriations
02/14/2022Impact statement from TAX (HB971H1)
02/15/2022Reported from Finance and Appropriations (16-Y 0-N) (see vote tally)
02/16/2022Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/17/2022Read third time
02/17/2022Passed Senate (40-Y 0-N) (see vote tally)
02/18/2022Enrolled
02/18/2022Bill text as passed House and Senate (HB971ER)
02/18/2022Impact statement from TAX (HB971ER)
02/18/2022Signed by Speaker
02/18/2022Signed by President
02/21/2022Enrolled Bill communicated to Governor on February 21, 2022
02/21/2022G Governor's Action Deadline 11:59 p.m., February 28, 2022
02/23/2022G Approved by Governor-Chapter 3 (effective 2/23/22)
02/23/2022G Acts of Assembly Chapter text (CHAP0003)

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