VA HB1935 | 2021 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on February 4 2021 - 50% progression, died in chamber
Action: 2021-02-05 - Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)
Text: Latest bill text (Amended) [HTML]

Summary

Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, and the limitation on business interest. The bill also includes an individual income tax deduction in taxable year 2020 for business expenses funded with forgiven Paycheck Protection Program loans up to $25,000 and an individual income tax subtraction in taxable year 2020 for up to $25,000 in Rebuild Virginia grants. Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, and the limitation on business interest. The bill also includes an individual income tax deduction in taxable year 2020 for business expenses funded with forgiven Paycheck Protection Program loans up to $25,000 and an individual income tax subtraction in taxable year 2020 for up to $25,000 in Rebuild Virginia grants.

Tracking Information

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Title

Income tax, state; conformity with the Internal Revenue Code.

Sponsors


Roll Calls

2021-02-05 - Senate - Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-05 - House - House: VOTE: Passage (55-Y 43-N) (Y: 55 N: 43 NV: 0 Abs: 2) [PASS]
2021-01-18 - House - House: Reported from Finance with substitute (14-Y 8-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2021-02-05SenateContinued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)
2021-02-05SenateReferred to Committee on Finance and Appropriations
2021-02-05HouseVOTE: Passage (55-Y 43-N)
2021-02-05HouseRead third time and passed House (55-Y 43-N)
2021-02-05SenateConstitutional reading dispensed
2021-02-05HousePending question ordered
2021-02-04HouseEngrossed by House - floor substitute HB1935H2
2021-02-04HouseEmergency clause deleted
2021-02-04HouseSubstitute by Delegate Watts agreed to 21104437D-H2
2021-02-04HouseCommittee on Finance substitute rejected 21103005D-H1
2021-02-04HouseAmendment by Delegate Watts withdrawn
2021-02-04HouseFloor substitute printed 21104437D-H2 (Watts)
2021-02-04HousePassed by temporarily
2021-02-04HouseRead second time
2021-02-03HousePassed by for the day
2021-02-02HousePassed by for the day
2021-02-01HousePassed by for the day
2021-01-29HousePassed by for the day
2021-01-28HousePassed by for the day
2021-01-27HousePassed by for the day
2021-01-26HousePassed by for the day
2021-01-25HousePassed by for the day
2021-01-22HousePassed by for the day
2021-01-21HousePassed by for the day
2021-01-20HousePassed by for the day
2021-01-19HouseRead first time
2021-01-18HouseCommittee substitute printed 21103005D-H1
2021-01-18HouseReported from Finance with substitute (14-Y 8-N)
2021-01-11HouseReferred to Committee on Finance
2021-01-11HousePrefiled and ordered printed with emergency clause; offered 01/13/21 21102183D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581301(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+sum+HB1935
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB1935+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB1935H1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB1935H2+hil
Amendmenthttps://committees.lis.virginia.gov/pdfs/drafts/21103005D.pdf
Amendmenthttps://lis.virginia.gov/cgi-bin/legp604.exe?211+amd+HB1935AHR
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB1935F161+PDF
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB1935FH2161+PDF
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+H10V0026+HB1935
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+HV1480+HB1935
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+S05V0177+HB1935

Bill Comments

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