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2021 SESSION
HB 1935 Income tax, state; conformity with the Internal Revenue Code, deduction relating to payroll expense.
Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the 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, and the limitation on business interest. The bill also includes an individual income tax deduction in taxable year 2020 for business expenses funded with forgiven Paycheck Protection Program loans up to $25,000 and an individual income tax subtraction in taxable year 2020 for up to $25,000 in Rebuild Virginia grants.
FULL TEXT
- 01/11/21 House: Prefiled and ordered printed with emergency clause; offered 01/13/21 21102183D pdf | impact statement
- 01/18/21 House: Committee substitute printed 21103005D-H1 pdf
- 02/04/21 House: Floor substitute printed 21104437D-H2 (Watts) pdf | impact statement
AMENDMENTS
HISTORY
- 01/11/21 House: Prefiled and ordered printed with emergency clause; offered 01/13/21 21102183D
- 01/11/21 House: Referred to Committee on Finance
- 01/18/21 House: Reported from Finance with substitute (14-Y 8-N)
- 01/18/21 House: Committee substitute printed 21103005D-H1
- 01/19/21 House: Read first time
- 01/20/21 House: Passed by for the day
- 01/21/21 House: Passed by for the day
- 01/22/21 House: Passed by for the day
- 01/25/21 House: Passed by for the day
- 01/26/21 House: Passed by for the day
- 01/27/21 House: Passed by for the day
- 01/28/21 House: Passed by for the day
- 01/29/21 House: Passed by for the day
- 02/01/21 House: Passed by for the day
- 02/02/21 House: Passed by for the day
- 02/03/21 House: Passed by for the day
- 02/04/21 House: Read second time
- 02/04/21 House: Passed by temporarily
- 02/04/21 House: Floor substitute printed 21104437D-H2 (Watts)
- 02/04/21 House: Amendment by Delegate Watts withdrawn
- 02/04/21 House: Committee on Finance substitute rejected 21103005D-H1
- 02/04/21 House: Substitute by Delegate Watts agreed to 21104437D-H2
- 02/04/21 House: Emergency clause deleted
- 02/04/21 House: Engrossed by House - floor substitute HB1935H2
- 02/05/21 House: Pending question ordered
- 02/05/21 Senate: Constitutional reading dispensed
- 02/05/21 House: Read third time and passed House (55-Y 43-N)
- 02/05/21 House: VOTE: Passage (55-Y 43-N)
- 02/05/21 Senate: Referred to Committee on Finance and Appropriations
- 02/05/21 Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)