Celebrating the life of the Honorable FrankDuVal Hargrove, Sr.
Sponsored bills
Commending the Honorable Paul S. Trible, Jr.
Celebrating the life of the Honorable FrankDuVal Hargrove, Sr.
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 increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause.
Distribution of recordation tax to cities andcounties. Reestablishes the distribution of $20 million of staterecordation tax revenue to counties and cities to be used for transportationor public education purposes. Legislation in 2020 dedicated the $20million to the Hampton Roads Regional Transit Program.
Constitutional amendment (first reference); special sessions; required in certain states of emergency. Requires the Governor to convene a special session of the General Assembly whenever declaring a state of emergency for a period that exceeds 90 days or whenever extending a state of emergency for a period that exceeds 90 days in the aggregate.
Constitutional amendment (first reference);K-12 funding. Provides that for any year in which there is asurplus, the budget shall include an appropriation of five percentof such surplus for the operational costs of local school divisions.The resolution provides for an equivalent decrease in the amountof operational costs funded by the Lottery Proceeds Fund and an equivalentincrease in the amount of funds in the Fund restricted exclusively for local school divisions' capital construction and renovation costs.If the restricted amount is equal to or greater than the amount inthe Fund, the increases and decreases are no longer required underthe resolution.
Celebrating the life of Commander Brian MichaelBourgeois, USN.
Commending the Honorable William C. Mims.
Commending the Monument Terrace "Support OurTroops" rallies.