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2022 SESSION

• | print version

HB 401 Income tax, state; pass-through entities.

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

SUMMARY AS INTRODUCED:

Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also creates a corresponding individual income tax subtraction for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level.

FULL TEXT

• 01/11/22  House: Prefiled and ordered printed; offered 01/12/22 22101046D  pdf | impact statement

HISTORY

• 01/11/22  House: Prefiled and ordered printed; offered 01/12/22 22101046D
• 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