VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2023 SESSION

• | print version

SB 1355 Income tax, state and corporate; business interest, qualified business income deduction.

Introduced by: Stephen D. Newman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; business interest; qualified business income deduction; corporate rate reduction. Increases from 30 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 beginning in taxable year 2024. The bill allows an individual income tax deduction in an amount equal to 50 percent of certain federal qualified business income deductions, excluding qualified real estate investment trust dividends. The bill also reduces from six percent to five percent the corporate income tax rate beginning in taxable year 2023.

FULL TEXT

• 01/11/23  Senate: Prefiled and ordered printed; offered 01/11/23 23104214D  pdf | impact statement

HISTORY

• 01/11/23  Senate: Prefiled and ordered printed; offered 01/11/23 23104214D
• 01/11/23  Senate: Referred to Committee on Finance and Appropriations
• 01/31/23  Senate: Passed by indefinitely in Finance and Appropriations (11-Y 4-N)