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2022 SESSION

• | print version

HB 1006 Income tax, state and corporate; deductions for business interest.

Introduced by: Emily M. Brewer | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 30 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. This bill is identical to SB 288.

FULL TEXT

• 01/12/22  House: Prefiled and ordered printed; offered 01/12/22 22102127D  pdf | impact statement
• 02/02/22  House: Committee substitute printed 22105587D-H1  pdf | impact statement
• 02/11/22  House: Committee substitute printed 22106353D-H2  pdf | impact statement
• 03/07/22  House: Bill text as passed House and Senate (HB1006ER)  pdf | impact statement
• 04/11/22  Governor: Acts of Assembly Chapter text (CHAP0648)  pdf

AMENDMENTS

• House subcommittee amendments and substitutes offered
• House subcommittee amendments and substitutes adopted
• House committee, floor amendments and substitutes offered

HISTORY

• 01/12/22  House: Prefiled and ordered printed; offered 01/12/22 22102127D
• 01/12/22  House: Referred to Committee on Finance
• 01/27/22  House: Assigned Finance sub: Subcommittee #1
• 01/31/22  House: Subcommittee recommends reporting with substitute (6-Y 2-N)
• 02/02/22  House: Committee substitute printed 22105587D-H1
• 02/02/22  House: Reported from Finance with substitute (15-Y 6-N)
• 02/02/22  House: Referred to Committee on Appropriations
• 02/11/22  House: Reported from Appropriations with substitute (18-Y 0-N)
• 02/11/22  House: Committee substitute printed 22106353D-H2
• 02/13/22  House: Read first time
• 02/14/22  House: Read second time
• 02/14/22  House: Committee on Finance substitute rejected 22105587D-H1
• 02/14/22  House: Committee on Appropriations substitute agreed to 22106353D-H2
• 02/14/22  House: Engrossed by House - committee substitute HB1006H2
• 02/15/22  House: Read third time and passed House (89-Y 9-N)
• 02/15/22  House: VOTE: Passage (89-Y 9-N)
• 02/16/22  Senate: Constitutional reading dispensed
• 02/16/22  Senate: Referred to Committee on Finance and Appropriations
• 03/01/22  Senate: Reported from Finance and Appropriations (15-Y 0-N)
• 03/02/22  Senate: Constitutional reading dispensed (40-Y 0-N)
• 03/02/22  Senate: Read third time
• 03/02/22  Senate: Passed Senate (40-Y 0-N)
• 03/07/22  House: Enrolled
• 03/07/22  House: Bill text as passed House and Senate (HB1006ER)
• 03/08/22  House: Signed by Speaker
• 03/08/22  Senate: Signed by President
• 03/22/22  House: 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 648 (effective 7/1/22)
• 04/11/22  Governor: Acts of Assembly Chapter text (CHAP0648)