Virginia House Bill 401 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
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]

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 creates a corresponding individual income tax subtraction 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.

Income tax, state; pass-through entities.

Del. Vivian Watts [D]

Del. Joseph McNamara [R]

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 22101046D

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB401
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB401+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+HB401F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H1001V0045+HB0401