VA HB971 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 25-0)
Status: Passed on February 23 2022 - 100% progression
Action: 2022-02-23 - Governor: Acts of Assembly Chapter text (CHAP0003)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 25-0)
Status: Passed on February 23 2022 - 100% progression
Action: 2022-02-23 - Governor: Acts of Assembly Chapter text (CHAP0003)
Text: Latest bill text (Chaptered) [HTML]
Summary
Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) 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, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection Program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause. Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) 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, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection Program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause.
Title
Commonwealth's taxation system; conformity with the Internal Revenue Code, Rebuild Va. grants, etc.
Sponsors
Roll Calls
2022-02-17 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-16 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-15 - Senate - Senate: Reported from Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-04 - House - House: VOTE: Passage Emergency (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-31 - House - House: Reported from Appropriations with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Reported from Finance with amendment(s) (11-Y 10-N) (Y: 11 N: 10 NV: 1 Abs: 0) [FAIL]
2022-01-26 - House - House: Reported from Finance with amendment(s) (12-Y 10-N) (Y: 12 N: 10 NV: 0 Abs: 0) [PASS]
2022-02-16 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-15 - Senate - Senate: Reported from Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-04 - House - House: VOTE: Passage Emergency (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-31 - House - House: Reported from Appropriations with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Reported from Finance with amendment(s) (11-Y 10-N) (Y: 11 N: 10 NV: 1 Abs: 0) [FAIL]
2022-01-26 - 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 |
|---|---|---|
| 2022-02-23 | Governor: Acts of Assembly Chapter text (CHAP0003) | |
| 2022-02-23 | Governor: Approved by Governor-Chapter 3 (effective 2/23/22) | |
| 2022-02-21 | Governor: Governor's Action Deadline 11:59 p.m., February 28, 2022 | |
| 2022-02-21 | House | Enrolled Bill communicated to Governor on February 21, 2022 |
| 2022-02-18 | Senate | Signed by President |
| 2022-02-18 | House | Signed by Speaker |
| 2022-02-18 | House | Bill text as passed House and Senate (HB971ER) |
| 2022-02-18 | House | Enrolled |
| 2022-02-17 | Senate | Passed Senate (40-Y 0-N) |
| 2022-02-17 | Senate | Read third time |
| 2022-02-16 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2022-02-15 | Senate | Reported from Finance and Appropriations (16-Y 0-N) |
| 2022-02-07 | Senate | Referred to Committee on Finance and Appropriations |
| 2022-02-07 | Senate | Constitutional reading dispensed |
| 2022-02-04 | House | VOTE: Passage Emergency (100-Y 0-N) |
| 2022-02-04 | House | Read third time and passed House (100-Y 0-N) |
| 2022-02-03 | House | Engrossed by House - committee substitute HB971H1 |
| 2022-02-03 | House | Committee on Appropriations substitute agreed to 22105507D-H1 |
| 2022-02-03 | House | Committee on Finance amendments rejected |
| 2022-02-03 | House | Read second time |
| 2022-02-02 | House | Read first time |
| 2022-01-31 | House | Committee substitute printed 22105507D-H1 |
| 2022-01-31 | House | Reported from Appropriations with substitute (22-Y 0-N) |
| 2022-01-27 | House | Referred to Committee on Appropriations |
| 2022-01-27 | House | Reported from Finance with amendment(s) (11-Y 10-N) |
| 2022-01-27 | House | Reconsidered by Finance |
| 2022-01-26 | House | Reported from Finance with amendment(s) (12-Y 10-N) |
| 2022-01-12 | House | Referred to Committee on Finance |
| 2022-01-12 | House | Prefiled and ordered printed with emergency clause; offered 01/12/22 22103771D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 301 | (n/a) | See Bill Text |
| 58 | 1 | 322.02 | (n/a) | See Bill Text |
| 58 | 1 | 322.03 | (n/a) | See Bill Text |
| 58 | 1 | 402 | (n/a) | See Bill Text |
