Income tax, corporate; filing status for tax returns of certain affiliated corporations. (SB386)
Introduced By
Sen. Ryan McDougle (R-Mechanicsville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2023 and 2024, certain affiliated corporations may elect to switch to or from consolidated corporate income tax return filing status under certain conditions, including the requirement that the affiliated group filed on the same basis for the preceding 20 years. The option would be available only to a group with at least one affiliate that is a bank exempt from filing a Virginia corporate income tax return. Current law requires a group of corporations to apply to the Tax Commissioner for permission to change the basis of the type of return filed and to meet certain specified requirements in order for permission to be granted. This bill is identical to HB 224. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22101610D |
| 01/11/2022 | Referred to Committee on Finance and Appropriations |
| 01/30/2022 | Impact statement from TAX (SB386) |
| 02/08/2022 | Senate subcommittee amendments and substitutes offered |
| 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 SB386E |
| 02/14/2022 | Printed as engrossed 22101610D-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) |
| 02/18/2022 | Placed on Calendar |
| 02/18/2022 | Read first time |
| 02/18/2022 | Referred to Committee on Finance |
| 02/18/2022 | Impact statement from TAX (SB386E) |
| 02/21/2022 | Reported from Finance (22-Y 0-N) (see vote tally) |
| 02/23/2022 | Read second time |
| 02/24/2022 | Read third time |
| 02/24/2022 | Passed House (93-Y 5-N) |
| 02/24/2022 | VOTE: Passage (93-Y 5-N) (see vote tally) |
| 02/28/2022 | Enrolled |
| 02/28/2022 | Bill text as passed Senate and House (SB386ER) |
| 02/28/2022 | Signed by President |
| 02/28/2022 | Signed by Speaker |
| 03/03/2022 | Impact statement from TAX (SB386ER) |
| 03/11/2022 | Enrolled Bill Communicated to Governor on March 11, 2022 |
| 03/11/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
| 04/11/2022 | G Approved by Governor-Chapter 417 (effective 7/1/22) |
| 04/11/2022 | G Acts of Assembly Chapter text (CHAP0417) |
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