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

Introduced By

Del. Kathy Byron (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 increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause. Read the Bill »

Status

01/26/2022: passed committee

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)

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