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2022 SESSION

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HB 352 Income tax, state and corporate; business interest.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia taxable income; business interest. Increases from 20 percent to 50 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 provides that for any taxpayer filing a separate return or as part of a combined return who is part of a federal consolidated group that does not report an interest expense limitation under § 163(j) of the Internal Revenue Code on its federal consolidated return in the taxable year, the deduction allowed shall be 100 percent.


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