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

Bill Has Passed

History

DateAction
01/20/2022Presented and ordered printed 22104491D
01/20/2022Referred to Committee on Finance and Appropriations
02/03/2022Impact statement from TAX (SB692)
02/08/2022Senate committee, floor amendments and substitutes offered
02/08/2022Committee substitute printed 22106137D-S1
02/08/2022Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally)
02/09/2022Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/10/2022Read second time
02/10/2022Reading of substitute waived
02/10/2022Committee substitute agreed to 22106137D-S1
02/10/2022Engrossed by Senate - committee substitute SB692S1
02/10/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/10/2022Passed Senate (40-Y 0-N) (see vote tally)
02/18/2022Placed on Calendar
02/18/2022Read first time
02/18/2022Referred to Committee on Finance
02/18/2022Impact statement from TAX (SB692S1)
02/28/2022House committee, floor amendments and substitutes offered
02/28/2022Reported from Finance with substitute (22-Y 0-N) (see vote tally)
02/28/2022Committee substitute printed 22106750D-H1
03/01/2022Read second time
03/02/2022Read third time
03/02/2022Committee substitute agreed to 22106750D-H1
03/02/2022Engrossed by House - committee substitute SB692H1
03/02/2022Passed House with substitute BLOCK VOTE (100-Y 0-N)
03/02/2022VOTE: Block Vote Passage (100-Y 0-N) (see vote tally)
03/02/2022House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
03/02/2022Title replaced 22106750D-H1
03/04/2022Impact statement from TAX (SB692H1)
03/07/2022Enrolled
03/07/2022Bill text as passed Senate and House (SB692ER)
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
03/23/2022Impact statement from TAX (SB692ER)
04/11/2022G Approved by Governor-Chapter 689 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0689)

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