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

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22101948D
01/11/2022Referred to Committee on Finance and Appropriations
01/27/2022Impact statement from TAX (SB288)
02/10/2022Reported from Finance and Appropriations with amendment (16-Y 0-N) (see vote tally)
02/11/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2022Read second time
02/14/2022Reading of amendment waived
02/14/2022Committee amendment agreed to
02/14/2022Engrossed by Senate as amended SB288E
02/14/2022Printed as engrossed 22101948D-E
02/14/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2022Passed Senate (40-Y 0-N) (see vote tally)
02/17/2022Impact statement from TAX (SB288E)
02/18/2022Placed on Calendar
02/18/2022Read first time
02/18/2022Referred to Committee on Finance
02/23/2022House committee, floor amendments and substitutes offered
02/23/2022Reported from Finance with substitute (21-Y 0-N) (see vote tally)
02/23/2022Committee substitute printed 22106923D-H1
02/25/2022Read second time
02/28/2022Passed by for the day
03/01/2022Read third time
03/01/2022Committee substitute agreed to 22106923D-H1
03/01/2022Engrossed by House - committee substitute SB288H1
03/01/2022Passed House with substitute (95-Y 4-N)
03/01/2022VOTE: Passage (95-Y 4-N) (see vote tally)
03/02/2022House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
03/02/2022Title replaced 22106923D-H1
03/07/2022Enrolled
03/07/2022Bill text as passed Senate and House (SB288ER)
03/08/2022Impact statement from TAX (SB288ER)
03/08/2022Signed by President
03/08/2022Signed by Speaker
03/22/2022Enrolled Bill Communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Vetoed by Governor
04/27/2022Motion to pass in enrolled form rejected (26-Y 14-N) (see vote tally)
04/27/2022Requires 2/3 affirmative votes to pass in enrolled form
04/27/2022Senate sustained Governor's veto

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