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2022 SESSION

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HB 1003 Internal Revenue Code; conformity of the Commonwealth's taxation system.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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, 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 contains an emergency clause.

FULL TEXT

• 01/12/22  House: Prefiled and ordered printed with emergency clause; offered 01/12/22 22102992D  pdf | impact statement

HISTORY

• 01/12/22  House: Prefiled and ordered printed with emergency clause; offered 01/12/22 22102992D
• 01/12/22  House: Referred to Committee on Finance
• 01/26/22  House: Stricken from docket by Finance (20-Y 2-N)