VA HB2138 | 2023 | Regular Session
Status
Spectrum: Partisan Bill (Republican 35-0)
Status: Engrossed on January 23 2023 - 50% progression, died in chamber
Action: 2023-02-08 - Passed by indefinitely in Finance and Appropriations (11-Y 5-N)
Text: Latest bill text (Engrossed) [HTML]
Status: Engrossed on January 23 2023 - 50% progression, died in chamber
Action: 2023-02-08 - Passed by indefinitely in Finance and Appropriations (11-Y 5-N)
Text: Latest bill text (Engrossed) [HTML]
Summary
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. 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.
Title
Income tax, state and corporate; business interest, qualified business income deduction.
Sponsors
Roll Calls
2023-02-08 - Senate - Senate: Passed by indefinitely in Finance and Appropriations (11-Y 5-N) (Y: 11 N: 5 NV: 0 Abs: 0) [PASS]
2023-01-24 - House - House: VOTE: Passage (52-Y 48-N) (Y: 52 N: 48 NV: 0 Abs: 0) [PASS]
2023-01-18 - House - House: Reported from Finance with amendment(s) (12-Y 10-N) (Y: 12 N: 10 NV: 0 Abs: 0) [PASS]
2023-01-24 - House - House: VOTE: Passage (52-Y 48-N) (Y: 52 N: 48 NV: 0 Abs: 0) [PASS]
2023-01-18 - House - House: Reported from Finance with amendment(s) (12-Y 10-N) (Y: 12 N: 10 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2023-02-08 | Senate | Passed by indefinitely in Finance and Appropriations (11-Y 5-N) |
| 2023-01-25 | Senate | Referred to Committee on Finance and Appropriations |
| 2023-01-25 | Senate | Constitutional reading dispensed |
| 2023-01-24 | House | VOTE: Passage (52-Y 48-N) |
| 2023-01-24 | House | Read third time and passed House (52 Y 47-N) |
| 2023-01-23 | House | Printed as engrossed 23104208D-E |
| 2023-01-23 | House | Engrossed by House as amended HB2138E |
| 2023-01-23 | House | Committee amendments agreed to |
| 2023-01-23 | House | Passed by temporarily |
| 2023-01-23 | House | Read second time |
| 2023-01-20 | House | Read first time |
| 2023-01-18 | House | Reported from Finance with amendment(s) (12-Y 10-N) |
| 2023-01-10 | House | Referred to Committee on Finance |
| 2023-01-10 | House | Prefiled and ordered printed; offered 01/11/23 23104208D |
