Commonwealth's taxation system; conformity with the Internal Revenue Code, Rebuild Va. grants, etc. (SB94)

Introduced By

Sen. Janet Howell (D-Reston) with support from co-patrons Sen. George Barker (D-Alexandria), and Sen. Steve Newman (R-Forest)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection Program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause. Read the Bill »


Bill Has Passed


01/05/2022Prefiled and ordered printed with emergency clause; offered 01/12/22 22102998D
01/05/2022Referred to Committee on Finance and Appropriations
01/23/2022Impact statement from TAX (SB94)
02/02/2022Senate committee, floor amendments and substitutes offered
02/02/2022Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally)
02/02/2022Committee substitute printed 22105824D-S1
02/02/2022Incorporates SB583 (Newman)
02/02/2022Incorporates SB603 (Barker)
02/03/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/04/2022Read second time
02/04/2022Reading of substitute waived
02/04/2022Committee substitute agreed to 22105824D-S1
02/04/2022Engrossed by Senate - committee substitute SB94S1
02/07/2022Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/17/2022Placed on Calendar
02/17/2022Read first time
02/17/2022Referred to Committee on Finance
02/17/2022Impact statement from TAX (SB94S1)
02/21/2022Reported from Finance (22-Y 0-N) (see vote tally)
02/21/2022Referred to Committee on Appropriations
02/23/2022Reported from Appropriations (21-Y 0-N) (see vote tally)
02/25/2022Read second time
02/28/2022Read third time
02/28/2022Passed House BLOCK VOTE (99-Y 0-N)
02/28/2022VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
03/01/2022Bill text as passed Senate and House (SB94ER)
03/01/2022Signed by President
03/01/2022Signed by Speaker
03/02/2022Enrolled Bill Communicated to Governor on March 2, 2022
03/02/2022G Governor's Action Deadline 11:59 p.m., March 9, 2022
03/03/2022Impact statement from TAX (SB94ER)
03/09/2022G Approved by Governor-Chapter 19 (effective 3/9/22)
03/09/2022G Acts of Assembly Chapter text (CHAP0019)

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