Income tax, state and corporate; deductions for business interest.
Summary
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 SB 288.
Bill status
signed
all 5 stages cleared
Introduction
Jan 2022
Committee Review
Mar 2022
House of Delegates Passage
Feb 2022
Senate Passage
Mar 2022
Signed into Law
Apr 2022
Introduced Jan 12, 2022
Signed Apr 11, 2022
Floor votes · Senate Mar 2, 2022 · House of Delegates Feb 15, 2022
How they voted
40–0
Passed
Total votes 40
Mar 2, 2022
D
Democratic21
100% Yea
R
Republican19
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
35
Key actions
12
Committee
13
Apr 11, 2022
Signed into law
Approved by Governor-Chapter 648 (effective 7/1/22)
executive
Mar 2, 2022
Upper · Passed
Passed Senate (40-Y 0-N)
upper
Mar 1, 2022
Upper · Passed
Reported from Finance and Appropriations (15-Y 0-N)
upper
Feb 16, 2022
Committee
Referred to Committee on Finance and Appropriations
upper
Feb 15, 2022
Lower · Passed
Read third time and passed House (89-Y 9-N)
lower
Feb 14, 2022
Lower · Passed
Engrossed by House - committee substitute HB1006H2
lower
Feb 14, 2022
Lower · Passed
Committee on Appropriations substitute agreed to 22106353D-H2
lower
Feb 11, 2022
Lower · Passed
Reported from Appropriations with substitute (18-Y 0-N)
lower
Feb 11, 2022
Lower · Passed
House committee, floor amendments and substitutes offered
lower
Feb 2, 2022
Committee
Referred to Committee on Appropriations
lower
Feb 2, 2022
Lower · Passed
Reported from Finance with substitute (15-Y 6-N)
lower
Feb 2, 2022
Lower · Passed
House committee, floor amendments and substitutes offered
lower
Jan 31, 2022
Lower · Passed
Subcommittee recommends reporting with substitute (6-Y 2-N)
lower
Jan 31, 2022
Lower · Passed
House subcommittee amendments and substitutes offered
lower
Jan 27, 2022
Committee
Assigned Finance sub: Subcommittee #1
lower
Jan 12, 2022
Committee
Referred to Committee on Finance
lower
Jan 12, 2022
Introduced
Prefiled and ordered printed; offered 01/12/22 22102127D
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Emily Jordan
RRepublican
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