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2023 SESSION
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
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)