VA HB1121 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0690)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Bipartisan Bill
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0690)
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
Income tax, state; pass-through entities, elective tax.
Sponsors
Roll Calls
2022-03-02 - House - House: VOTE: Adoption (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-02 - Senate - Senate: Passed Senate with substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-01 - Senate - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-15 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-11 - House - House: Reported from Appropriations (18-Y 0-N) (Y: 18 N: 0 NV: 0 Abs: 4) [PASS]
2022-02-07 - House - House: Reported from Finance with substitute (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-07 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-07 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-02 - Senate - Senate: Passed Senate with substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-01 - Senate - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-15 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-11 - House - House: Reported from Appropriations (18-Y 0-N) (Y: 18 N: 0 NV: 0 Abs: 4) [PASS]
2022-02-07 - House - House: Reported from Finance with substitute (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-07 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-07 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-04-11 | Governor: Acts of Assembly Chapter text (CHAP0690) | |
| 2022-04-11 | Governor: Approved by Governor-Chapter 690 (effective 7/1/22) | |
| 2022-03-22 | Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022 | |
| 2022-03-22 | House | Enrolled Bill communicated to Governor on March 22, 2022 |
| 2022-03-08 | Senate | Signed by President |
| 2022-03-08 | House | Signed by Speaker |
| 2022-03-07 | House | Bill text as passed House and Senate (HB1121ER) |
| 2022-03-07 | House | Enrolled |
| 2022-03-02 | House | VOTE: Adoption (99-Y 0-N) |
| 2022-03-02 | House | Senate substitute agreed to by House 22106756D-S1 (99-Y 0-N) |
| 2022-03-02 | Senate | Passed Senate with substitute (40-Y 0-N) |
| 2022-03-02 | Senate | Engrossed by Senate - committee substitute HB1121S1 |
| 2022-03-02 | Senate | Committee substitute agreed to 22106756D-S1 |
| 2022-03-02 | Senate | Reading of substitute waived |
| 2022-03-02 | Senate | Read third time |
| 2022-03-02 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2022-03-01 | Senate | Committee substitute printed 22106756D-S1 |
| 2022-03-01 | Senate | Reported from Finance and Appropriations with substitute (16-Y 0-N) |
| 2022-02-16 | Senate | Referred to Committee on Finance and Appropriations |
| 2022-02-16 | Senate | Constitutional reading dispensed |
| 2022-02-15 | House | VOTE: Block Vote Passage (100-Y 0-N) |
| 2022-02-15 | House | Read third time and passed House BLOCK VOTE (100-Y 0-N) |
| 2022-02-14 | House | Engrossed by House - committee substitute HB1121H1 |
| 2022-02-14 | House | Committee substitute agreed to 22106141D-H1 |
| 2022-02-14 | House | Read second time |
| 2022-02-13 | House | Read first time |
| 2022-02-11 | House | Reported from Appropriations (18-Y 0-N) |
| 2022-02-07 | House | Referred to Committee on Appropriations |
| 2022-02-07 | House | Committee substitute printed 22106141D-H1 |
| 2022-02-07 | House | Reported from Finance with substitute (21-Y 0-N) |
| 2022-02-07 | House | Subcommittee recommends referring to Committee on Appropriations |
| 2022-02-07 | House | Subcommittee recommends reporting with substitute (9-Y 0-N) |
| 2022-01-27 | House | Assigned Finance sub: Subcommittee #1 |
| 2022-01-12 | House | Referred to Committee on Finance |
| 2022-01-12 | House | Presented and ordered printed 22103362D |
Same As/Similar To
SB692 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0689)
SB692 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0689)
SB692 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0689)
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 322.02 | (n/a) | See Bill Text |
| 58 | 1 | 390.1 | (n/a) | See Bill Text |
| 58 | 1 | 390.2 | (n/a) | See Bill Text |
| 58 | 1 | 390.3 | (n/a) | See Bill Text |
