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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
2022 SESSION
SB 692 Income tax, state; pass-through entities, elective tax.
Introduced by: J. Chapman Petersen | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
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 (i) creates a corresponding refundable income tax credit 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 and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025. This bill is identical to HB 1121.
FULL TEXT
- 01/20/22 Senate: Presented and ordered printed 22104491D pdf | impact statement
- 02/08/22 Senate: Committee substitute printed 22106137D-S1 pdf | impact statement
- 02/28/22 House: Committee substitute printed 22106750D-H1 pdf | impact statement
- 03/07/22 Senate: Bill text as passed Senate and House (SB692ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0689) pdf
AMENDMENTS
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
HISTORY
- 01/20/22 Senate: Presented and ordered printed 22104491D
- 01/20/22 Senate: Referred to Committee on Finance and Appropriations
- 02/08/22 Senate: Committee substitute printed 22106137D-S1
- 02/08/22 Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 02/09/22 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/10/22 Senate: Read second time
- 02/10/22 Senate: Reading of substitute waived
- 02/10/22 Senate: Committee substitute agreed to 22106137D-S1
- 02/10/22 Senate: Engrossed by Senate - committee substitute SB692S1
- 02/10/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/22 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
- 02/28/22 House: Reported from Finance with substitute (22-Y 0-N)
- 02/28/22 House: Committee substitute printed 22106750D-H1
- 03/01/22 House: Read second time
- 03/02/22 House: Read third time
- 03/02/22 House: Committee substitute agreed to 22106750D-H1
- 03/02/22 House: Engrossed by House - committee substitute SB692H1
- 03/02/22 House: Passed House with substitute BLOCK VOTE (100-Y 0-N)
- 03/02/22 House: VOTE: Block Vote Passage (100-Y 0-N)
- 03/02/22 Senate: House substitute agreed to by Senate (40-Y 0-N)
- 03/02/22 Senate: Title replaced 22106750D-H1
- 03/07/22 Senate: Enrolled
- 03/07/22 Senate: Bill text as passed Senate and House (SB692ER)
- 03/08/22 Senate: Signed by President
- 03/08/22 House: Signed by Speaker
- 03/22/22 Senate: Enrolled Bill Communicated to Governor on March 22, 2022
- 03/22/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/11/22 Governor: Approved by Governor-Chapter 689 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0689)