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2022 SESSION
HB 1006 Income tax, state and corporate; deductions for business interest.
Introduced by: Emily M. Brewer | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
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.
SUMMARY AS INTRODUCED:
Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to any amount 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.