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2022 SESSION
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.
FULL TEXT
HISTORY
- 01/11/22 House: Prefiled and ordered printed; offered 01/12/22 22104027D
- 01/11/22 House: Referred to Committee on Finance
- 01/27/22 House: Assigned Finance sub: Subcommittee #1
- 02/07/22 House: Subcommittee recommends striking from docket (9-Y 0-N)
- 02/15/22 House: Left in Finance