Income tax, state and corporate; deductions for business interest.

Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 60 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. The bill also provides that its provisions would not become effective unless the revenue change reasonably anticipated to result from the implementation of this bill is affirmatively accounted for in the total projected revenues set forth in the general appropriation act passed by the General Assembly in 2022 that becomes law.