Income tax, state and corporate; deductions for business interest. (SB288)
Introduced By
Sen. Adam Ebbin (D-Alexandria)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✗ |
Signed by Governor |
✗ |
Became Law |
Description
Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 30 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. This bill is identical to HB 1006. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22101948D |
| 01/11/2022 | Referred to Committee on Finance and Appropriations |
| 01/27/2022 | Impact statement from TAX (SB288) |
| 02/10/2022 | Reported from Finance and Appropriations with amendment (16-Y 0-N) (see vote tally) |
| 02/11/2022 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/14/2022 | Read second time |
| 02/14/2022 | Reading of amendment waived |
| 02/14/2022 | Committee amendment agreed to |
| 02/14/2022 | Engrossed by Senate as amended SB288E |
| 02/14/2022 | Printed as engrossed 22101948D-E |
| 02/14/2022 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/14/2022 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/17/2022 | Impact statement from TAX (SB288E) |
| 02/18/2022 | Placed on Calendar |
| 02/18/2022 | Read first time |
| 02/18/2022 | Referred to Committee on Finance |
| 02/23/2022 | House committee, floor amendments and substitutes offered |
| 02/23/2022 | Reported from Finance with substitute (21-Y 0-N) (see vote tally) |
| 02/23/2022 | Committee substitute printed 22106923D-H1 |
| 02/25/2022 | Read second time |
| 02/28/2022 | Passed by for the day |
| 03/01/2022 | Read third time |
| 03/01/2022 | Committee substitute agreed to 22106923D-H1 |
| 03/01/2022 | Engrossed by House - committee substitute SB288H1 |
| 03/01/2022 | Passed House with substitute (95-Y 4-N) |
| 03/01/2022 | VOTE: Passage (95-Y 4-N) (see vote tally) |
| 03/02/2022 | House substitute agreed to by Senate (40-Y 0-N) (see vote tally) |
| 03/02/2022 | Title replaced 22106923D-H1 |
| 03/07/2022 | Enrolled |
| 03/07/2022 | Bill text as passed Senate and House (SB288ER) |
| 03/08/2022 | Impact statement from TAX (SB288ER) |
| 03/08/2022 | Signed by President |
| 03/08/2022 | Signed by Speaker |
| 03/22/2022 | Enrolled Bill Communicated to Governor on March 22, 2022 |
| 03/22/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
| 04/11/2022 | G Vetoed by Governor |
| 04/27/2022 | Motion to pass in enrolled form rejected (26-Y 14-N) (see vote tally) |
| 04/27/2022 | Requires 2/3 affirmative votes to pass in enrolled form |
| 04/27/2022 | Senate sustained Governor's veto |
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