Virginia House Bill 352 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-02-15 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Virginia taxable income; business interest. Increases from 20 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 for taxable years beginning on and after January 1, 2022. The bill provides that for any taxpayer filing a separate return or as part of a combined return who is part of a federal consolidated group that does not report an interest expense limitation under § 163(j) of the Internal Revenue Code on its federal consolidated return in the taxable year, the deduction allowed shall be 100 percent.

Income tax, state and corporate; business interest.

Del. Vivian Watts [D]

2022-02-07 - House - House: Subcommittee recommends striking from docket (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2022-02-15	House	Left in Finance
2022-02-07	House	Subcommittee recommends striking from docket (9-Y 0-N)
2022-01-27	House	Assigned Finance sub: Subcommittee #1
2022-01-11	House	Referred to Committee on Finance
2022-01-11	House	Prefiled and ordered printed; offered 01/12/22 22104027D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322.03	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB352
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB352+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+HB352F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H1001V0041+HB0352