VA HB401 | 2022 | Regular Session
Status
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]
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]
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 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.
Title
Income tax, state; pass-through entities.
Sponsors
Roll Calls
2022-02-07 - House - House: Subcommittee recommends striking from docket (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
History
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 |
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 |