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2022 SESSION
SB 386 Income tax, corporate; filing status for tax returns of certain affiliated corporations.
Introduced by: Ryan T. McDougle | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2023 and 2024, certain affiliated corporations may elect to switch to or from consolidated corporate income tax return filing status under certain conditions, including the requirement that the affiliated group filed on the same basis for the preceding 20 years. The option would be available only to a group with at least one affiliate that is a bank exempt from filing a Virginia corporate income tax return. Current law requires a group of corporations to apply to the Tax Commissioner for permission to change the basis of the type of return filed and to meet certain specified requirements in order for permission to be granted. This bill is identical to HB 224.
FULL TEXT
- 01/11/22 Senate: Prefiled and ordered printed; offered 01/12/22 22101610D pdf | impact statement
- 02/14/22 Senate: Printed as engrossed 22101610D-E pdf | impact statement
- 02/28/22 Senate: Bill text as passed Senate and House (SB386ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0417) pdf
AMENDMENTS
HISTORY
- 01/11/22 Senate: Prefiled and ordered printed; offered 01/12/22 22101610D
- 01/11/22 Senate: Referred to Committee on Finance and Appropriations
- 02/10/22 Senate: Reported from Finance and Appropriations with amendment (16-Y 0-N)
- 02/11/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/22 Senate: Read second time
- 02/14/22 Senate: Reading of amendment waived
- 02/14/22 Senate: Committee amendment agreed to
- 02/14/22 Senate: Engrossed by Senate as amended SB386E
- 02/14/22 Senate: Printed as engrossed 22101610D-E
- 02/14/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/22 Senate: Passed Senate (40-Y 0-N)
- 02/18/22 House: Placed on Calendar
- 02/18/22 House: Read first time
- 02/18/22 House: Referred to Committee on Finance
- 02/21/22 House: Reported from Finance (22-Y 0-N)
- 02/23/22 House: Read second time
- 02/24/22 House: Read third time
- 02/24/22 House: Passed House (93-Y 5-N)
- 02/24/22 House: VOTE: Passage (93-Y 5-N)
- 02/28/22 Senate: Enrolled
- 02/28/22 Senate: Bill text as passed Senate and House (SB386ER)
- 02/28/22 Senate: Signed by President
- 02/28/22 House: Signed by Speaker
- 03/11/22 Senate: Enrolled Bill Communicated to Governor on March 11, 2022
- 03/11/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/11/22 Governor: Approved by Governor-Chapter 417 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0417)