Income tax, state; pass-through entities, elective tax. (SB692)
Introduced By
Sen. Chap Petersen (D-Fairfax)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also (i) creates a corresponding refundable income tax credit for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025. This bill is identical to HB 1121. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/20/2022 | Presented and ordered printed 22104491D |
01/20/2022 | Referred to Committee on Finance and Appropriations |
02/03/2022 | Impact statement from TAX (SB692) |
02/08/2022 | Senate committee, floor amendments and substitutes offered |
02/08/2022 | Committee substitute printed 22106137D-S1 |
02/08/2022 | Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally) |
02/09/2022 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
02/10/2022 | Read second time |
02/10/2022 | Reading of substitute waived |
02/10/2022 | Committee substitute agreed to 22106137D-S1 |
02/10/2022 | Engrossed by Senate - committee substitute SB692S1 |
02/10/2022 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/10/2022 | 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 (SB692S1) |
02/28/2022 | House committee, floor amendments and substitutes offered |
02/28/2022 | Reported from Finance with substitute (22-Y 0-N) (see vote tally) |
02/28/2022 | Committee substitute printed 22106750D-H1 |
03/01/2022 | Read second time |
03/02/2022 | Read third time |
03/02/2022 | Committee substitute agreed to 22106750D-H1 |
03/02/2022 | Engrossed by House - committee substitute SB692H1 |
03/02/2022 | Passed House with substitute BLOCK VOTE (100-Y 0-N) |
03/02/2022 | VOTE: Block Vote Passage (100-Y 0-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 22106750D-H1 |
03/04/2022 | Impact statement from TAX (SB692H1) |
03/07/2022 | Enrolled |
03/07/2022 | Bill text as passed Senate and House (SB692ER) |
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 |
03/23/2022 | Impact statement from TAX (SB692ER) |
04/11/2022 | G Approved by Governor-Chapter 689 (effective 7/1/22) |
04/11/2022 | G Acts of Assembly Chapter text (CHAP0689) |