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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
HB 1121 Income tax, state; pass-through entities, elective tax.
Introduced by: Joseph P. McNamara | 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 SB 692.
FULL TEXT
- 01/12/22 House: Presented and ordered printed 22103362D pdf | impact statement
- 02/07/22 House: Committee substitute printed 22106141D-H1 pdf | impact statement
- 03/01/22 Senate: Committee substitute printed 22106756D-S1 pdf | impact statement
- 03/07/22 House: Bill text as passed House and Senate (HB1121ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0690) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
HISTORY
- 01/12/22 House: Presented and ordered printed 22103362D
- 01/12/22 House: Referred to Committee on Finance
- 01/27/22 House: Assigned Finance sub: Subcommittee #1
- 02/07/22 House: Subcommittee recommends reporting with substitute (9-Y 0-N)
- 02/07/22 House: Subcommittee recommends referring to Committee on Appropriations
- 02/07/22 House: Reported from Finance with substitute (21-Y 0-N)
- 02/07/22 House: Committee substitute printed 22106141D-H1
- 02/07/22 House: Referred to Committee on Appropriations
- 02/11/22 House: Reported from Appropriations (18-Y 0-N)
- 02/13/22 House: Read first time
- 02/14/22 House: Read second time
- 02/14/22 House: Committee substitute agreed to 22106141D-H1
- 02/14/22 House: Engrossed by House - committee substitute HB1121H1
- 02/15/22 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 02/15/22 House: VOTE: Block Vote Passage (100-Y 0-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 with substitute (16-Y 0-N)
- 03/01/22 Senate: Committee substitute printed 22106756D-S1
- 03/02/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/02/22 Senate: Read third time
- 03/02/22 Senate: Reading of substitute waived
- 03/02/22 Senate: Committee substitute agreed to 22106756D-S1
- 03/02/22 Senate: Engrossed by Senate - committee substitute HB1121S1
- 03/02/22 Senate: Passed Senate with substitute (40-Y 0-N)
- 03/02/22 House: Senate substitute agreed to by House 22106756D-S1 (99-Y 0-N)
- 03/02/22 House: VOTE: Adoption (99-Y 0-N)
- 03/07/22 House: Enrolled
- 03/07/22 House: Bill text as passed House and Senate (HB1121ER)
- 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 690 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0690)